Auctions
Abstract
Auctions are a common way of resolving Personal valuations of items.
Keywords
Stock markets
Auction theory
Bidding
English auction
Japanese auction
Dutch auction
Vickrey auction
Buyer's remorse
LIFO
FIFO
We live in the worlds of eBay.com, craigslist.org, stock markets, and bargain shopping via search engines. Yet programmers do not understand how a market works. The first principles of a market are pretty simple.
1. Not everyone values things the same. A lobster dinner looks good to me, but deadly to someone with a shellfish allergy.
2. Personal valuations change over time. I might eat a second lobster dinner immediately after the first one, but a third lobster is too much to eat right ...
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