Author(s)

Zishen Xu

Corresponding Author

Zishen Xu

ABSTRACT

The mechanism of auctions has been well-known for a long period of time and it is widely utilized. This paper will be illustrating the history of four types of auctions, English, Dutch, first-price sealed-bid auction and second-price sealed-bid auction. Similarities and differences are extremely clear as read in the following paper. Most of this paper discusses the rare application of second-price sealed-bid auction and why it is applied. Readers will acknowledge how this type of auction which is barely used in advanced countries can influence a poor country in a broad perspective.

KEYWORDS

Auction, Types, Similarities, Differences