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"Making Markets Work For You"
An optimal auction is competitive and efficient.
A competitive auction must:
be publicized to ensure bidder participation
provide bidders fixed and detailed information on products or services they are bidding to supply
carefully mask strategic information about the progress of the auction in order to frustrate collusion
An efficient auction must:
eliminate the need for other bidders to guess what other bidders will do during the auction
ensure that bidders understand what is happening during the auction via ergonomic presentation of the process
ensure that the right bidder always wins and the price is always the best
An optimal auction will always deliver the optimal result - an improved price.
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