Auctions - Microeconomics 3rd Year Essay Example | Topics and Well Written Essays - 1000 words

Auctions - Microeconomics 3rd Year - Essay Example As the auction proceeds, the price starts declining. A bidder can stop the auction at any time, claim the object, and pay the ongoing price. This particular type of auction is also described as a descending bid auction and has been traditionally used by the Dutch in flower markets. This is the most commonly used format. Bidding starts at a low price. The bidders compete by submitting ascending bids until only one bidder is left. This bidder wins the object and pays the ongoing price. It is the opposite of the Dutch auction and is described as an ascending bid auction. The eBay auction is a variation of this type of auction. This mechanism is similar to the first-price sealed-bid auction, with the exception that the highest bidder pays the second highest bid. It is also referred to as the Vickrey auction. It is seldom used but is commonly used in theoretical work because of its simplicity and closeness to the English auction. The Dutch auction and the first price sealed bid auction are strategically equivalent regardless of the information structure (independent private value or common value) and risk preferences (risk neutrality or risk aversion). A strategy is a complete description of instructions to be played throughout the game. The strategic form of a game is the set of alternative strategies to each player and their corresponding expected payoffs from following them. Two games are strategically equivalent if they share the same strategic form. In a Dutch auction, each bidder needs to decide at which price he would want to claim the object, assuming that it is still unclaimed. This is also true for the first-price sealed-bid auction. When a bidder is in a first-price sealed bid auction he thinks about whether to bid  £95 or  £100. He is actually trading off winning with a lower bid between  £95 and  £100. This is exactly the same considerations that are given in the Dutch auction. The English auction and the Second-price

The Use of Plastic Waste Products for Building Materials to Reduce the Essay

The Use of Plastic Waste Products for Building Materials to Reduce the Housing Shortage for the People of the Dalit Caste in India - Essay Example The Dalit communities are groups who belong to one of the castes of the untouchables. These groups have suffered under oppression for centuries, the traditions of the social structure keeping them in poverty and despair, struggling for scraps of food and limiting their ability to earn a living to working in the ‘unclean’ professions. One of those professions is in the waste disposal of the cities, meaning that the communities of the Dalits are in direct contact with plastic waste products. Systems of creating plastic waste products into building materials through various means of technological innovations have presented a use for the waste materials that the Dalits have access to in order to solve one of their biggest problems – housing shortages. This thesis intends to explore the nature of the production of building materials through recycling of plastics in order to address the issue of housing shortages, which will also present the communities for opportunitie s of an entrepreneurial nature which can help to curb the poverty in those regions. Through an examination of the nature of plastic from production through its disposal, the environmental impact will be explored so that the benefit of repurposing the product for building materials can be more thoroughly understood. The focus of this research will be on the nature of plastic, with information about the social structure of the Dalit communities explored in order to address the potential for introducing recycling systems for creating building materials.