Auctions can be an important tool for selling goods and gathering information. Auctions are used in multiple venues including agriculture, eBay, and distressed asset sales. The seller does not have to worry about estimating demand and setting a price because the demanders will do that through the auction process.
Introduction
(20 points)
18 – 20
Engages the reader in the topic with some form of creative “hook” (such as a story, quote, example, etc.) and provides a clear background for the topic so that readers can gain an understanding of the purpose of the paper. Clearly presents the essay’s thesis and a summary of the main points that clarify the writer’s point of view. Provides a clear road map for the paper either in the thesis statement or body of introduction.
Quality of Discussion
(35 points)
32 – 35
Clear and appropriate. Provides strong evidence of critical thinking. Makes use of excellent transitions. Paragraphs contain strong topic sentences.
Organization
(15 points)
14 – 15
The organization results in clarity and presents logically arranged points to support the proposed solution. Related ideas are well grouped, and transitions between ideas flow smoothly.
Writing Mechanics
(10 points)
9 – 10
Writing is clear and concise. Sentence structure and grammar are excellent. Correct use of punctuation. No spelling errors.
Outside Sources
(10 points)
9 – 10
The number of sources meets or exceeds any expressed assignment requirements. Every source used is peer-reviewed or academic in nature. All articles are relevant to the topic.
APA Style
(10 points)
9 – 10
APA guidelines are correctly followed. Reference entries and in-text citations follow APA formatting guidelines and are free of errors. All in-text citations are referenced and vice versa.
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THE VALUE OF AUCTIONS 2 The Value of Auctions An auction is a commercial mechanism that allocates goods and forms the prices of those goods through a process called bidding. Auctions are regarded as an efficient mechanism for the trade of goods since different parties can bid for the right to buy a good or service. (Easley and Kleinberg (2019) state the goals of an auction include revenue maximization and aggregation and revelation of information. In revenue maximization, a seller is concerned about allocative efficiency, but instead, aims are maximum price through competition among bidders. Secondly, auctions aggregate bids that buyers make based on confidentially known demand and supply functions. Therefore, the resulting valuations can be regarded as aggregators of confidential information. In auctions, the selling of goods is a vital indicator of future financial policies. As a result, auctions have a great value to the economy of any country
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