Chapter 8 Auctions

نویسنده

William Shakespeare

چکیده

Suppose you inherit a unique and valuable good – say a painting by van Gogh or a copy of the 1776 edition of Adam Smith’s Wealth of Nations. For some reason you are in desperate need for money, and decide to sell. You have a clear idea of your valuation, but you hope to earn more than that. You wonder: isn’t there some way to reach the highest possible price? How should you go about it? If you knew the potential buyers and their valuations of the object for sale, your pricing problem would have a simple solution. You would only need to call a nonnegotiable price equal to the highest valuation, and wait for the right customer to come and claim the item. It’s as simple as that.1

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