auction

(redirected from Double auction)
Also found in: Dictionary, Thesaurus, Legal, Financial.

auction

the competitive calls made in bridge and other games before play begins, undertaking to win a given number of tricks if a certain suit is trumps

Auction

 

in international trade, a method of selling certain goods (such as fur pelts, tobacco, and tea) in separate lots. Prior to an auction the goods (or samples of them) are exhibited for the inspection of possible buyers. The time and place of the auction are announced beforehand. The general conditions of the sale of goods are determined by the seller. The buyer is considered to be the person who during the course of the auction has offered the highest price. At an auction, in contrast to an ordinary sale, the seller is absolved from responsibility for the quality of the goods that are sold. In the USSR, international auctions for the sale of fur pelts are regularly held in Leningrad.

At the form of auction known as a public sale there is a forced sale of the property of people who cannot pay their debts. Goods are also sold if they have not been claimed on time from transportation and warehouse enterprises and in certain other cases.

V. S. POZDNIAKOV

References in periodicals archive ?
As is mentioned above, the model of double auction solves the problem of monopoly in cloud resource allocation but it can only auction a single type of resource and the efficiency is low.
The double auction market is used extensively in experiments and is considered a relatively competitive trading institution, which is another reason for this institutional design choice since a main goal of this study is to determine the influence of market competition on cooperation in a joint R&D task.
Market power in oral double auctions. Economic Inquiry 24:107-23.
35 (2000) (explaining the mathematical theory behind double auction models); Karim Jamal & Shyam Sunder, Bayesian Equilibrium in Double Auctions Populated by Biased Heuristic Traders, 31 J.
8 See Davis and Holt (1994, Appendix A.1) for an outline of how an oral double auction is conducted.
"A Computerized Laboratory Market System and Research Support Systems for the Multiple Unit Double Auction." Working Paper 783, California Institute of Technology, 1991.
4), an institution that presents a compromise between the two trading institutions exemplified by double auctions and the ultimatum game.
Price formation in double auctions. Games and Economic Behavior 22:1-29.
Section II outlines the laboratory procedures: the creation of trading environments of varying complexity, the electronic implementation of the clearinghouse and double auction trading institutions, the computation of theoretical benchmark prices and allocations, and the measurement of market performance.
Market A was a computerized double auction. Market B was a posted price market.
The procedural details for both the PLATO double auction and the PLATO posted offer are well documented elsewhere and are not repeated here.(1) The asymmetry of actions available to buyers relative to sellers in the posted offer institution bears emphasis.
This restriction could not be imposed in a standard oral double auction. In addition, the posted-offer institution resembles many retail markets in which sellers price their goods in advance, and one objective was to determine whether the Lynch et al.