Game Theory, Nobel Prize & Auctions - Auction Primer Series – Part 1
The Auction Primer Series is a group of articles to help further educate sellers about auctions; their history, strategies for use, and provide a comparison of various auction sites and types. In Part 1, we look at the more common type of auctions in use today. William Vickrey, highly regarded as the founder of auction theory, was an economics professor at Columbia University when he published two papers outlining his views on auctions: Counterspeculation, Auctions, and Competitive Sealed Tenders , 1961, Journal of Finance Auction and Bidding Games , 1962, Recent Advances in Game Theo ..

Online Auctions
As popular as they are, online auctions should be approached with care. Many times, merchandise is offered that either may be illegal, fraudulent, or simply doesn t exist, and the vendor takes your money and runs. So what can you do to protect yourself if you enter bidding in an online auction. You should understand how the auction works. Many online auctions simply list items that people want to sell. They don t verify if the merchandise actually exists, or if it is described accurately. You should therefore check out the seller. If it is a company, contact the state or local consumer protection agency ..