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Business & Marketing
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Types and Examples of Auctions and their Advantages and Disadvantages

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Overview
There are many types of auctions, each with strengths and weaknesses at uncovering the real price or value of an item. Auctions are widely used in finance, e-commerce, and e-games. They are also widely used to generate revenue for not-for-profit organizations.
The following video describes auctions as price discovery mechanisms:
The Ideal Auction(https://www(dot)youtube(dot)com/watch?v=4kWuxfVbIaU)
Use the video on auctions and at least three academic or high-quality business publications (see acceptable types below) to compare and contrast English auctions and Dutch auctions, and sealed-bid first-price auctions and Vickery auctions.
Acceptable Types of Publications
A high-quality, professional business publication is one that is primarily directed at reporting or analyzing the workings of the 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
Instructions
Address the following questions in 3-5 pages:
1.) Compare and contrast how each of the following uncovers value:
English and Dutch auctions. Sealed-bid first-price auctions and Vickery auctions.
2. Compare and contrast surge pricing and congestion pricing. Give an example of each currently in use.
3. 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.
4.) What are the advantages or disadvantages of auctions as revenue generators for not-for-profit
organizations?
5.) 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.

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Auctions and Dynamic Pricing
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Subject and Section
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August 29, 2021
1 There are many types of auctions, each with strengths and weaknesses at uncovering an item's real price or value. Compare and contrast how each of the following uncovers value:
1 English and Dutch auctions.
Price auctions have been one of the most common methods used to reveal the real or the estimation price. Accordingly, some of the most common types of auctions include the Dutch and the English auctions.
On the one hand, English auctions are the type wherein bidders submit their bid one against the other, in an ascending manner, and the last one to submit the highest bid wins. In line with this, the straightforward manner of competing against one another and the transparency in the costs offered by the buyers are some of the significant advantages of an English auction compared to a Dutch auction.
On the other hand, Dutch auctions are when the auctioneer is the one that would initially set a cost and the bidders and decreases the same value throughout the auction until one of the bidders finally accepts the cost of the bid. Compared to the other, the main advantage of this type of auction is the reduction of the "increase between the offer price and the opening price of the offering", which could be beneficial in estimating the real value of the thing CITATION Hen05 \l 1033 (Hensel, 2005).
2 Sealed-bid first-price auctions and Vickery auctions.
One of the main differences between a sealed bid first price and a Vickery auction is their following method. On the one hand, the kind of auction in a sealed-bid first-price auction is discreet. Bidders are asked to place their auctions in a sealed envelope that, ideally, only they should know. Accordingly, whoever places the first and highest bid gets the bid. One of the main advantages of this type of auction could be seen in the case of Real Estate. Since every bidder for a real estate submits their "sealed bids," the auctioneer or seller could get high valuations without limitation from the actual bids of the bidders CITATION Ken21 \l 1033 (Compte & Jehiel, 2007).
On the other hand, the Vickery auction is also similar regarding the bidding method but different in terms of the actual bid price paid. Mainly, the bid price that the one with the highest bid pays is the second-highest bid and not the highest bid. Compared to the previous one, the main advantage of the Vickery auction is that it reduces the chances of the winning bidder overpaying for an item CITATION Ausnd \l 1033 (Ausubel & Milgrom, n.d.).
2 Compare and contrast surge pricing and congestion pricing. Give an example of each currently in use.
The main difference between congestion and surge pricing is how pricing systems are utilized and adjusted depending on various circumstances in the environment.
On the one hand, congestion pricing is created when prices are adjusted based on 'cyclical changes in demand.' For example, in summer tourist spots, prices for transient houses and other lodgings during the summer season could be higher compared to the winter season. This is because the demand is higher during the summer season and that it allows the owners to manage demand prices ...
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