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Case Study 1: Auctions and Dynamic Pricing Business Case Study

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Case Study 1: Auctions and Dynamic Pricing
The following video describes auctions as price discovery mechanisms:
The Ideal Auction.(YOUTUBE VIDEO)- reference this!
Use the video on auctions and at least three academic or high-quality business publications (see acceptable types below) to answer the following questions in 5–7 pages. Other articles and resources can be found at the Strayer Library.
There are many types of auctions, each with strengths and weakness at uncovering the real price or value of an item. Compare and contrast how each of the following uncovers value:
English and Dutch auctions.
Sealed-bid first-price auctions and Vickery auctions.
-Compare and contrast surge pricing and congestion pricing.- Give an example of each currently in use.
Auctions are widely used in finance, e-commerce, and in e-games.- Identify three examples of auctions used in finance, e-commerce, and/or e-games. -Explain the following in-depth:
The need for an auction to uncover value in the product or service.
-How the type of auction used to uncover the value of the product or service is better at uncovering value than other types of auctions.
-Auctions are also widely used to generate revenue for not-for-profit organizations. What are the advantages or disadvantages of auctions as revenue generators for not-for-profit organizations?
-Suggest ways in which a for-profit company, such as the company for which you work or a company for which you aspire to work, can use auctions or dynamic pricing to better uncover value and increase revenue.
Formatting Requirements
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.
Acceptable Types of Publications
A high-quality, professional business publication is one that is primarily directed at reporting or analyzing the workings of business. Examples are the Wall Street Journal, Bloomberg, and Reuters. Avoid general news publications such as USA Today, the Washington Post, and the New York Times.
Please do not rely on Wikipedia, Investopedia, or similar websites as references at any time in this course.

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Case Study 1: Auctions and Dynamic Pricing
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Table of Contents TOC \o "1-3" \h \z \u 1.Compare and Contrast PAGEREF _Toc48952841 \h 3English and Dutch Auctions PAGEREF _Toc48952842 \h 3Sealed-bid first-price auctions and Vickery Auctions PAGEREF _Toc48952843 \h 3Surge Pricing and Congestion Pricing with Examples PAGEREF _Toc48952844 \h 42.Three Examples of Auctions in Finance, E-Commerce, and E-games PAGEREF _Toc48952845 \h 4Finance Sector PAGEREF _Toc48952846 \h 4E-Commerce Sector PAGEREF _Toc48952847 \h 5E-Game Sector PAGEREF _Toc48952848 \h 53.Type of auction used to uncover the value of the product or service PAGEREF _Toc48952849 \h 54.Advantages or disadvantages of Auctions for not-for-profit organizations PAGEREF _Toc48952850 \h 6Disadvantages PAGEREF _Toc48952851 \h 6Advantages PAGEREF _Toc48952852 \h 65.Suggest ways for-profit companies to uncover value better and increase revenue. PAGEREF _Toc48952853 \h 7References PAGEREF _Toc48952854 \h 8
“Case Study 1: Auctions and Dynamic Pricing”
1 Compare and Contrast
English and Dutch Auctions
In the case of an English auction, bidders are aware of the bids of some other sellers, which assist them to reevaluate the bids for the particular product based on the maximum bid. However, in Dutch Auctions, bidders have limited knowledge about the others bid. The Dutch auction is unique for sellers to bid for the identical items, whereas in English auction the highest bidding sets only for one product. Along with it, the English auction initiated with the lower bidding and then move towards the highest prices for the product for sale. However, Dutch auction is distinct as it initiated from the highest bidding and declined eventually due to the dropping value of product or service (Lim & Xiong, 2019). In this manner, businesses prefer English auction to earn value over time.
Sealed-bid first-price auctions and Vickery Auctions
By overviewing the research of Marszalec (2016), sealed-bid first-price auctions and Vickery Auctions are similar in case, where the highest bidder needs to pay for the product or property, and all the bidders are not aware of the prices in the auction. However, those auction practices differ from each other based on the pattern of auction. In first-price sealed bid, the bidders bid the value below the valuated price for managing the profit in case of selecting as the highest bidder in the auction because bidders are unaware of the bids in a particular auction. This auction is further considered as the blind auction. However, Vickery Auctions are written auction, in which the bidders need to submit their prices for a product without knowing the others. Correspondingly, the highest bidder needs to pay the price, but the second-highest bid to offer the market value price. This auction is worthy of limiting fraud and cheating in the auction process.
Surge Pricing and Congestion Pricing with Examples
In the situation, when there are many bidders and participants for the particular product or property, the surge price is active that multiplies the proposed bids as per the surge factor to enhance the value for respe...
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