×

### Let's log you in.

or

Don't have a StudySoup account? Create one here!

×

or

17

0

6

# Class Note for ECON 431 at UA

Marketplace > University of Arizona > Class Note for ECON 431 at UA

No professor available

These notes were just uploaded, and will be ready to view shortly.

Either way, we'll remind you when they're ready :)

Get a free preview of these Notes, just enter your email below.

×
Unlock Preview

COURSE
PROF.
No professor available
TYPE
Class Notes
PAGES
6
WORDS
KARMA
25 ?

## Popular in Department

This 6 page Class Notes was uploaded by an elite notetaker on Friday February 6, 2015. The Class Notes belongs to a course at University of Arizona taught by a professor in Fall. Since its upload, it has received 17 views.

×

## Reviews for Class Note for ECON 431 at UA

×

×

### What is Karma?

#### You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 02/06/15
InClass Auctions Ascending oral auction English auction Descending auction Dutch auction clock auction Firstprice sealedbid auction Secondprice sealedbid auction In each auction o The item being auctioned is a oppy disk 0 Each person receives a card indicating hisher redemption value for the disk 0 The person Who Wins the disk being auctioned Will pay me the auctioneer the amount heshe has bid except in the 2quot l price auction Will be paid hisher redemption value by me When I buy the disk back will therefore earn the amount by Which his redemption value exceeds his bid The Auction Results The Data Note that in each auction the set of values is identical except for a constant increment added to or subtracted from each This enables us to compare the four auctions as if they were conducted in exactly the same setting 0 An unusual result in the English auction the highvalue person left money on the table He or she had a value of 44 and allowed the item to go for 4125 Normally we would see the high value person outbid the secondhighvalue person at 42 and thereby obtain the item for 42 the second highest value 0 For any given value the person with that value in the secondprice auction almost always bid more than the corresponding person in the rstprice auction after taking account of the 10 increment between values in the two auctions This was true in 17 out of 19 cases 0 In the firstprice auction every bid was below the bidder s value although most were within one dollar of the bidder s value But in the secondprice auction 10 out of 19 bids were equal to the bidder s value and another four bids were above the bidder s value Pennies Auctions We also held two auctions for a halfliter of pennies the first a sealedbid auction and the second an English outcry auction The sealed bids weren t opened until after the completion of the English auction The bottle of pennies contained 700 pennies so the bidder who won the bottle was paid 700 in each auction In the English auction the winning bid was exactly 700 somewhat unexpected since no one knew how many pennies the bottle contained The bids in the firstprice sealedbid auction are shown in a graph on a following page Five of the bids were substantially above the bottle s 700 value The high bid was 1183 lnClass Auction Results Econ 431 Spring 2001 English Auction Dutch Auction 1st Price Sealed Bid 2nd Price Sealed Bid Values m w Values m w Values m w Values m w m 44 34 3350 29 2850 39 38 37 42 4125 32 27 2660 37 37 42 32 27 25 37 3675 41 31 26 2550 36 37 41 31 26 25 36 3625 41 31 26 24 36 36 41 31 26 1 36 36 40 30 25 2475 35 30 40 30 25 24 35 3450 40 30 25 24 35 35 40 30 25 24 35 35 40 30 25 24 35 35 40 30 25 23 35 35 38 28 23 22 33 33 38 28 23 22 33 33 38 28 23 14 33 32 38 28 23 250 33 3325 37 27 22 21 32 32 37 27 22 20 32 3425 35 3o 25 20 E 15 1O lnClass Sealed Bid Auctions 9 Vdue 20 25 30 35 45 degree line 1st Price A 2nd Price

×

×

### BOOM! Enjoy Your Free Notes!

×

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

## Why people love StudySoup

Jim McGreen Ohio University

#### "Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Janice Dongeun University of Washington

#### "I used the money I made selling my notes & study guides to pay for spring break in Olympia, Washington...which was Sweet!"

Steve Martinelli UC Los Angeles

Forbes

#### "Their 'Elite Notetakers' are making over \$1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!
×

### Refund Policy

#### STUDYSOUP CANCELLATION POLICY

All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email support@studysoup.com

#### STUDYSOUP REFUND POLICY

StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here: support@studysoup.com

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to support@studysoup.com