Research on the Mechanism of Setting the Starting Price of the Bidding of Scrap Copper Ca

2021 ◽  
Vol 10 (01) ◽  
pp. 83-89
Author(s):  
冰融 李
Keyword(s):  
Author(s):  
Murray Bennett ◽  
Rachel Mullard ◽  
Marc T. P. Adam ◽  
Mark Steyvers ◽  
Scott Brown ◽  
...  

AbstractIn a Dutch auction, an item is offered for sale at a set maximum price. The price is then gradually lowered over a fixed interval of time until a bid is made, securing the item for the bidder at the current price. Bidders must trade-off between certainty and price: bid early to secure the item and you pay a premium; bid later at a lower price but risk losing to another bidder. These properties of Dutch auctions provide new opportunities to study competitive decision-making in a group setting. We developed a novel computerised Dutch auction platform and conducted a set of experiments manipulating volatility (fixed vs varied number of items for sale) and price reduction interval rate (step-rate). Triplets of participants ($$N=66$$ N = 66 ) competed with hypothetical funds against each other. We report null effects of step-rate and volatility on bidding behaviour. We developed a novel adaptation of prospect theory to account for group bidding behaviour by balancing certainty and subjective expected utility. We show the model is sensitive to variation in auction starting price and can predict the associated changes in group bid prices that were observed in our data.


2020 ◽  
Vol 17 (2) ◽  
pp. 165-178
Author(s):  
Đurica Nikolić ◽  
Radmilo Jović

The confiscated customs goods and the goods that were taken out for the benefit of the state are sold by the customs offices in accordance with the Customs Law and the Decree on customs clearance of goods. The manner of sale of customs goods by the customs offices has not changed for decades and is done exclusively through public sale, that is, at public bid-dings held in customs offices throughout the Republic of Serbia. Sale of customs goods through auction, i.e. public sales in the customs offices are confronted with certain problems including the following: the lack of training of customs officers to conduct bids, inexperience of customs officers in the way of bid management, the negotiation of the bidders regarding the bidding of goods in order to avoid buying at the first bids and wait for the purchase of goods through a direct contract, where the starting price is significantly lower; the existence of organized groups that by their participation in bids do not allow other participants to take part in public bidding. The problems identified in the public sale of customs goods have resulted in a lower payment of funds into the budget due to the purchase of goods and vehicles at significantly lower price. The sale of the confiscated goods and vehicles that would be organized via the Internet is one of the possibilities that can significantly reduce problems when selling customs goods and vehicles in the era of digitization, Internet development t and electronic data processing. Selling goods via the Internet can contribute to faster and more efficient sale of customs goods and vehicles, generating higher revenues from the sale of the confiscated goods, allowing more bidders to participate in bids, the persons participating in bids are known only to customs authorities, but not to other participants.. At the same time, the sale of goods via the Internet would contribute to the modernization of the customs service as a whole.


Author(s):  
David Marginson

This chapter analyzes factors that may explain the existence and magnitude of starting price–based overrounds on Betfair, the leading and globally dominant person-to-person Internet betting site. Drawing on both finance and horse race betting literatures, several hypotheses are developed and tested, using data on 2,184 horse races in the United Kingdom between 2008 and 2010. Results are discussed and explanations offered for the findings, such as a positive relationship between grade of race and Betfair overround (the higher the grade, the higher the overround). More broadly, this research suggests that microstructure analysis of order-driven betting markets, such as Betfair, constitutes a fruitful line of enquiry for those interested in understanding market efficiency.


2014 ◽  
Vol 23 (6) ◽  
pp. 397-400 ◽  
Author(s):  
Dhruv Grewal ◽  
Anne Roggeveen ◽  
Jens Nordfält

Purpose – This editorial aims to discuss how the modern world is causing pricing practices of both retailers and consumers to evolve. The contributions of seven papers included in this special issue have been highlighted. Design/methodology/approach – The purpose is to explore how different cues impact consumer reactions to prices. Findings – These cues include both cues regarding the price itself (e.g. the level of the discount, how the price is broken into component parts, the starting price in an auction), as well as non-price-related cues (e.g. private labels, brand familiarly, consumer ratings, creativity of an ad). In addition, this special issue includes a review article which provides a comprehensive review of behavioral pricing research. Originality/value – The contributions of seven papers included in this special issue have been highlighted.


2013 ◽  
Vol 217 ◽  
pp. 74-91
Author(s):  
LÝ TRẦN THỊ HẢI ◽  
KHA DƯƠNG

This study was conducted to find evidence of short-term underpricing of initial public offerings (IPOs) and factors that explain the level of underpricing based on IPO samples in the period between January 2005 and July 2012 in Vietnam. The authors found certain evidence to support the underpricing, with the underpricing rate set at 38% and 49%. Having bootstrapping regression model employed, the results showed that the two factors ? the exceeding purchase ratio and the starting price of the auctions ? negatively correlated as expected with underpricing rate while impact of market conditions appeared relatively weak. Other factors such as size, listing lateness, company age, state ownership after IPOs did not correlate with the underpricing levels in Vietnam


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