Psychology & Psychiatry

Narrow misses can propel us toward other rewards and goals

Whether it's being outbid at the last second in an online auction or missing the winning lottery number by one digit, we often come so close to something we can "almost taste it" only to lose out in the end. These "near wins" ...

Obstetrics & gynaecology

A new diagnosis for Frida Kahlo's infertility

Frida Kahlo's many haunting self-portraits have been studied by experts for decades, have attracted worldwide attention and have sold for millions of dollars at auction. Yet, despite the fact that Kahlo's work focuses largely ...

Psychology & Psychiatry

eBay Mind Games

Psychologists have long known that when two people haggle over a price, it pays for the seller to start high.

Auction

An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.

There are several variations on the basic auction form, including time limits, minimum or maximum limits on bid prices, and special rules for determining the winning bidder(s) and sale price(s). Participants in an auction may or may not know the identities or actions of other participants. Depending on the auction, bidders may participate in person or remotely through a variety of means, including telephone and the internet. The seller usually pays a commission to the auctioneer or auction company based on a percentage of the final sale price.

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