Excellence in Research and Innovation for Humanity

Garth A Carnaby

Publications

1

Publications

1
5895
Auction Theory: Bidder-s Perspective in a Public Out-Cry English Auction
Abstract:
This paper provides an overview of auction theory literature. We present a general review on literature of various auctions and focus ourselves specifically on an English auction. We are interested in modelling bidder-s behavior in an English auction environment. And hence, we present an overview of the New Zealand wool auction followed by a model that would describe a bidder-s decision making behavior from the New Zealand wool auction. The mathematical assumptions in an English auction environment are demonstrated from the perspective of the New Zealand wool auction.
Keywords:
Bidder, English auction, New Zealand, Wool