...informational asymmetries can be as significant as resource constraints. "An auction is a market institution with an explicit set of rules determining resource allocation and prices on the basis of bids from market participants [McAfee, 1987]." Auctions are used for products that have no standard value; for...

...(Blouin and Serrano 1998, p. 1). Centralized markets are represented in practice by auctions which are market institutions with an explicit set of rules...on the basis of bids from the market participants (McAfee and McMillan 1987, p. 701). In the case of bidding and pricing, many different sets of rules...

...procurement purposes and requests for quotation. Auctions have been defined as “a market institution with an explicit set of rules determining resource...the basis of bids from the market participants” (McAfee and McMillan, 1987). They are a particularly successful multi-lateral negotiation protocol...

...already introduced in section l.3. McAfee and McMillan have defined auctions as "a market institution with an explicit set of rules determining resource...on the basis of bids from the market participants" (McAfee and McMillan, l987). The competitive process serves to aggregate the scattered information...

...regarded as willing to pay the price if the transaction occurs. "An auction is a market institution with an explicit set of rules determining resource...the basis of bids from the market participants."" Auctions are used when markets have neither breadth (numerous buyers and sellers) nor depth (a number...

...economists use other definitions. An auction has been defined in economics 4.45 as: 'A market institution with an explicit set of rules determining resource allocation and prices on the basis of competing bids from market participants.* 2 ' Another definition is: 'any well-defined set of rules...

...in Electricity Markets 13.1.1 Auction Mechanism McAfee says that an auction is a market institution with an explicit set of rules determining resource allocation and prices on the basis of bids from market participants [1]. So resource allocation and price determination are two basic functions of...

...beschreiben den allgemeinen Wesenszug einer Auktion wie folgt: „An auction is a market Institution with an explicit set of rules determining resource...allocation and prices on the basis of bids from the market participants."113 Eine Zielsetzung bei der Zusammenstellung der in der Definition angesprochenen „Menge...

...especially appealing. In general, an auction is defined as a Abstract market mechanism with explicit rules determining resource allocation and prices on the basis of bids from the market participants (in the case of networks usually represented by respective user agents) [9]. Since Vickrey's seminal...

...and runway activities more transparent. Auction Theory Auctions 'An auction is an market institution with an explicit set of rules determining resource...on the basis of bids from the market participants' (McAfee and McMillan, 1987). In the context of airport slots the auctions involve buyers bidding for...