Editing Auction Theory (section)

== <span style="color: #FFFFFF;">Remembering</span> ==
* '''Auction''' — A process of buying and selling goods or services by offering them up for bid.
* '''English Auction''' — The classic "Ascending Price" auction where the highest bidder wins.
* '''Dutch Auction''' — A "Descending Price" auction where the auctioneer starts high and lowers the price until someone bids.
* '''Sealed-Bid Auction''' — An auction where all bidders submit their price in secret at the same time.
* '''First-Price Auction''' — The highest bidder wins and pays exactly what they bid.
* '''Second-Price Auction (Vickrey)''' — The highest bidder wins but pays the price of the '''Second-Highest''' bid.
* '''Winner's Curse''' — The tendency for the winner of an auction to "Overpay" because they had the most optimistic (and potentially wrong) estimate of the item's value.
* '''Reserve Price''' — The minimum price the seller is willing to accept.
* '''Collusion''' — When bidders secretly work together to keep prices low (Illegal).
* '''Revenue Equivalence Theorem''' — The surprising mathematical proof that under certain conditions, all four main types of auctions will result in the same average revenue for the seller.
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