Describe a historical or contemporary example of an auction, how it is conducted, and how it relates to the theoretical models and concepts of auction.

In approximately 5 pages, you will describe a historical or contemporary example of an auction, how it is conducted, and how it relates to the theoretical models and concepts of auction. Some of the goods sold at auction include stamps, timber, fish, flowers, cranberry concentrate,
cars, art and wine, radio spectrum licenses, and abandoned storage units. They are
used for procurement (these are sometimes called “reverse auctions”), for entertainment
(Swoopo is one example of these “penny auctions”), and in takeovers of companies.
You may write about one of the auctions mentioned here, if you wish, but you are also
encouraged to seek different topics and additional sources.

Content:
1.Seller 2.Buyers 3.Auction Rules and Outcomes 4.Theory ( I will attach an additional file)

Present the following:
1. A complete description of the auction. (The first three lists of question from content will give you
an idea of the kind of material to present here.)
2. A discussion of how this auction application compares to the theory we have learned.
(See the fourth list of questions above.)

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