auction

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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.
Xia M et al in [13] proposed an improved combinatorial double auction model and solved the winner determination problem to maximize social welfare.
We conducted 52 independent sessions, and all 264 subjects were inexperienced in the sense that they had not participated in previous public goods or double auction market experiments.
1) for an outline of how an oral double auction is conducted.
Avoidable Cost: Ride a Double Auction Roller Coaster.
Double auctions, on the one hand, are known to converge quickly to the competitive equilibrium (for a survey, see Davis and Holt 1993, ch.
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.
Participation in market A was "fun" in the sense that many people enjoy the speed and activity of the computerized double auction.
Our experiments compare market performance in HLV's seller market power (SMP) design using both the double auction and posted offer trading institutions.
5) Knowing they cannot adjust their offers, sellers in a posted-offer market are motivated to behave strategically as bidders do in a first-price, sealed-bid auction (Plott and Smith [1978]) and, under full information conditions, posted-offer markets have tended to yield higher prices and lower efficiencies than double auctions (Ketcham, Smith and williams [1984]).
Agents have to design an efficient stock exchange mechanism for continuous double auctions.
Flexible Double Auctions for Electronic Commerce: Theory and Implementation.