Types of Auction-The English auction

Read/review the following resources for this activity:

• Chapter 18
• Lecture 1
• Minimum of 2 library resources for initial post (e.g. articles from Time, the Wall Street Journal, Forbes, etc.)

Introduction
This week we have studied several simple auctions.

Initial Post Instructions
For this week’s discussion, find and describe an example of a real-world auction.  Briefly identify the participants and the rules of the auction along with the object(s) being auctioned.  Then address the following questions:

• Does one of the auction types that we have discussed fit your example well?
• What are the differences between your real-world example and the textbook models, and what factors would the bidders need to consider when modifying their bidding strategy to account for the differences?
• How do you think the strategies would change?

Answer Preview-Types of Auction-The English auction