The science of buying through auctions
Download our whitepaper to learn the ins and outs of eAuctions
This year’s Nobel Prize in Economic Sciences puts focus on the auction format of buying. Using auction theory, the researcher laureates try to understand the outcomes of different rules for bidding and final prices. The analysis is difficult, because bidders behave strategically, based on the available information. They take into consideration both what they know themselves and what they believe other bidders to know.
Business buyers can realize significant savings by using online auction tools as part of their sourcing process. But when are auctions applicable? Which auction types should be used for which goods? And how do you get started?
Download our white paper Put your money where your mind is to learn:
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The role of psychology in auction buying
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How the three main types of auction work
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Tips on selecting the right auction format for you