21 Sep Case Study 1: AuctionsDue Week 7 – Worth 250 point
Case Study 1: AuctionsDue Week 7 – Worth 250 pointsThe following video describes auctions as price discovery mechanisms https://www.youtube.com/watch?v=4kWuxfVbIaU.Use the video on auctions and at least 3 academic and/or high-qualitybusiness publications, see definitions below, to answer the followingquestions in 5-7 pages:1. There are many types of auctions each with strengths and weaknessat uncovering the real price/value of an item. Compare and contrast:a) the English and Dutch auctions; and,b) the sealed-bid, first-price auction, and the Vickery Auction.2. Concierge Auctions Limited sells very high end and uniqueproperties worldwide using an English style auction, selling to thehighest bidder. They have been embroiled in multiple lawsuits see thelink to the Wall Street Journal. Advise Concierge as to the weaknessthat an English auction may have in uncovering a propertyâ€™s value.Provide a recommendation for at least one other auction type which maybetter uncover the value of unique real estate properties.https://www.wsj.com/articles/luxury-real-estate-firm-concierge-auctions-fights-allegations-of-fraudulent-bids-115495686893. Auctions are widely used in finance, e-commerce and in e-games.Identify 3 uses of auctions by firms in finance, e-commerce and/ore-games. Explain the:a) need for an auction in the product/service, andb) what type of auction is used and why that type of auction is appropriate for the product/service.4. Auctions are also widely used to generate revenue fornot-for-profit organizations. What are the advantages/disadvantages ofauctions as revenue generators for not-for-profit organizations?5. Suggest ways in which the company you work for, or the companywhich you aspire to work for, can use auctions to better uncover valueand increase revenue.Your assignment must follow these formatting requirements:Be typed, double spaced, using Times New Roman font (size 12) withone-inch margins on all sides; citations and references must follow APAformat. Check with your professor for any additional instructions.Include a cover page containing the title of the assignment,the studentâ€™s name, the professorâ€™s name, the course title, and thedate. The cover page and the reference page are not included in therequired assignment length.Acceptable Types of PublicationsThe definition of a high-quality professional business publication isone which is primarily a publication directed to reporting and/oranalysis of the workings of a business. Examples are the Wall StreetJournal, Bloomberg, Reutersâ€¦etc. Avoid general news publications suchas USA Today, Washington Post, NY Times.PLEASE DO NOT RELY ON WIKIPEDIA, INVESTOPEDIA OR ANY OTHER PEDIA AS A REFERENCE AT ANY TIME IN THIS COURSE.Submission RulesYou may submit 1 attempt at the assignment to test your SafeAssign Score. The SafeAssign score should be 25% or less.You may submit ONE AND ONLY ONE ADDITIONAL ATTEMPT.