Auctions

Auction comes from the rootword "auction" which literally means "increase". Auctions have existed for centuries. You might be pleasantly surprised by earlier forms and descriptions of auctions. The section below on the history of auctions can probably satisfy some of your historical curiosities. Auctions are especially useful when selling a commodity of undetermined value.  One example might be a work of art, which different people would value differently; a personal collector looking at the work as just another piece for his collection may value it differently from a state museum curator who thinks the work is of great importance and quality.  An auction could serve to ensure that the artwork goes to the person who values it the most.

 

A brief history of auctions - A brief history of the origin of auctions

Basics - A beginner's introduction to auctions

Useful concepts in Auction Theory - Discussion of frequently mentioned concepts in Auction Theory

Common types of auctions - Discussion of the different types of auctions

Auction Experiments - Discussions of some of the experimental tests of auction theory

Cataloged resources - additional online content relating to auctions