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Auctions can be an important tool for selling goods and gathering  information. Auctions are used in multiple venues including agriculture,  eBay, and distressed asset sales. The seller does not have to worry  about estimating demand and setting a price because the demanders will  do that through the auction process.            Write an essay examining the value of auctions in the economy by addressing the following items.      
Explain the difference between oral auctions and second-price auctions, including how they work and their results. 
Use the expected value information to illustrate how having  more bidders in an oral auction will likely result in a higher winning  bid. 
Explain how the number of bidders in a common value auction  affects the outcome of the auction. Relate this to the effect on price  in different market structures based on the number of producers. 
Auctions lead to outcomes where buyers reveal their value for  the products being auctioned. To successfully price discriminate, firms  often rely on buyers revealing their value for products. Explain the  conditions necessary for firms to be able to price discriminate. 
Your essay must be at least three pages in length (not counting the  title and references pages) and include at least three peer-reviewed  resources. Adhere to APA Style when writing your essay, including  citations and references for sources used. Be sure to include an  introduction. Please note that no abstract is needed.           If you need help identifying peer-reviewed publications, review the CSU Online Library resources      Peer-Reviewed Resources and      video How to Find Peer-Reviewed Resources (     Transcript for Peer-Reviewed Resources video).      


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