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Published in:
2015 | OriginalPaper | Chapter
Auctions
Author : Gregor Berz
Published in: Game Theory Bargaining and Auction Strategies
Publisher: Palgrave Macmillan UK
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No doubt you are familiar with eBay. But are you also aware of quotatis. de or my-hammer.de? Individuals or even companies can announce their need for services there. Exactly as in eBay, those interested bid in an auction. However, this is a purchasing auction, that is, the winner of the auction provides a service and receives the offered price. The auctioneer1 buys this service and pays the price determined by the auction. While the auctioneer wants to get the highest price possible in a sale auction, for example, at eBay, it is exactly the opposite in a purchasing auction. The auctioneer wants to pay the lowest price possible.