1 00:00:00,060 --> 00:00:03,428 we're gonna speak about some varieties 我们要谈一些品种 2 00:00:03,629 --> 00:00:05,530 of auctions to get a sense for the 拍卖以了解 3 00:00:05,730 --> 00:00:08,979 richness of the space because we often 空间的丰富性，因为我们经常 4 00:00:09,179 --> 00:00:10,960 think about auctions about something as 考虑拍卖有关 5 00:00:11,160 --> 00:00:13,599 something very specific but in fact 很具体但实际上 6 00:00:13,798 --> 00:00:16,600 auctions are very broad an option is any 拍卖的范围很广 7 00:00:16,800 --> 00:00:19,980 mechanism that allocates resources 资源分配机制 8 00:00:20,179 --> 00:00:23,530 typically scarce resources among agents 代理商之间通常稀缺的资源 9 00:00:23,730 --> 00:00:27,489 who have their own interests and we know 他们有自己的利益，我们知道 10 00:00:27,689 --> 00:00:30,429 of many examples the governed sale of 在许多例子中， 11 00:00:30,629 --> 00:00:32,168 whether the electric mech 是否电动 12 00:00:32,368 --> 00:00:35,979 electromagnetic spectrum or mineral 电磁频谱或矿物 13 00:00:36,179 --> 00:00:38,198 rights drilling rights for oil 石油开采权 14 00:00:38,399 --> 00:00:41,709 what-have-you privatization of national 你对国民有什么私有化 15 00:00:41,909 --> 00:00:45,369 assets those are all typically put to 这些资产通常都放在 16 00:00:45,570 --> 00:00:48,788 bid in one way another stock markets are 以另一种方式出价 17 00:00:48,988 --> 00:00:51,640 very famous to cited auction where there 非常有名的引用拍卖那里 18 00:00:51,840 --> 00:00:54,878 are many buyers and sellers rfqs or 有很多买卖双方的rfqs或 19 00:00:55,079 --> 00:00:57,399 requests for quotes are a standard 报价请求是标准 20 00:00:57,600 --> 00:01:00,088 mechanism for a company or a government 公司或政府的机制 21 00:01:00,289 --> 00:01:05,278 to solicit offers to supply them with 征求报价以向他们提供 22 00:01:05,478 --> 00:01:08,709 goods or services at the most attractive 最具吸引力的商品或服务 23 00:01:08,909 --> 00:01:11,909 terms these are called reverse auctions 这些术语称为反向拍卖 24 00:01:12,109 --> 00:01:14,799 we already mentioned the FCC spectrum 我们已经提到了FCC频谱 25 00:01:15,000 --> 00:01:18,250 auction by way of sale of national 通过国民拍卖的方式进行拍卖 26 00:01:18,450 --> 00:01:21,879 resources real estate a sales are often 资源房地产销售经常 27 00:01:22,079 --> 00:01:24,418 conducted on some kind of tender a bid 以某种形式进行招标 28 00:01:24,618 --> 00:01:28,750 basis where multiple people offer make 多人提供的基础 29 00:01:28,950 --> 00:01:31,209 offers and according to certain rules 报价并根据某些规则 30 00:01:31,409 --> 00:01:35,769 and certainly consumer based reactions 当然还有基于消费者的反应 31 00:01:35,969 --> 00:01:37,569 such as the ones conducted on eBay a 例如在eBay上进行的 32 00:01:37,769 --> 00:01:42,640 very famous where everything from cars 非常有名的地方，一切都来自汽车 33 00:01:42,840 --> 00:01:48,849 to to old CDs are are sold there are 到旧CD出售有 34 00:01:49,049 --> 00:01:51,909 many other examples and we should bear 许多其他例子，我们应该承担 35 00:01:52,109 --> 00:01:55,840 in mind that often the goods being sold 请记住，经常出售商品 36 00:01:56,040 --> 00:02:01,390 or are not necessarily the standard once 或不一定是标准 37 00:02:01,590 --> 00:02:04,028 you think of in options as a computer 您认为选项就像一台电脑 38 00:02:04,228 --> 00:02:07,628 scientist I should point out many 科学家，我应该指出很多 39 00:02:07,828 --> 00:02:10,750 applications of auction in competing 拍卖在竞争中的应用 40 00:02:10,949 --> 00:02:13,310 environments so for example 环境，例如 41 00:02:13,509 --> 00:02:16,480 firk bandwidth is a scarce resource and 发射带宽是一种稀缺资源， 42 00:02:16,680 --> 00:02:20,629 there is an opportunity to auction off 有机会拍卖 43 00:02:20,829 --> 00:02:23,420 the right to use bandwidth to highest 最高使用带宽的权利 44 00:02:23,620 --> 00:02:28,819 bidders in advertising options famously 广告选择竞标者 45 00:02:29,019 --> 00:02:30,939 on Google and other advertising 在Google和其他广告上 46 00:02:31,139 --> 00:02:35,420 platforms advertisers bid for the right 平台广告商竞标权利 47 00:02:35,620 --> 00:02:40,009 to present us with certain offers when 向我们提供某些优惠 48 00:02:40,209 --> 00:02:42,860 you search for certain keywords or even 您搜索某些关键字，甚至 49 00:02:43,060 --> 00:02:45,590 when we just browse certain web pages 当我们只浏览某些网页时 50 00:02:45,789 --> 00:02:48,349 there are display advertising and they 有展示广告，他们 51 00:02:48,549 --> 00:02:52,399 too are open for for a bid there are 也有公开招标 52 00:02:52,598 --> 00:02:54,099 peer-to-peer networks and many other 对等网络和许多其他 53 00:02:54,299 --> 00:02:56,840 applications in the computing 计算中的应用 54 00:02:57,039 --> 00:02:59,780 environment so what are the kind of 环境，那是什么样的 55 00:02:59,979 --> 00:03:02,599 auctions we see in fact the space of 拍卖实际上我们看到的空间 56 00:03:02,799 --> 00:03:04,969 auctions is infinite here are some 拍卖是无限的，这里有一些 57 00:03:05,169 --> 00:03:07,310 examples that begin to illustrate the 例子开始说明 58 00:03:07,509 --> 00:03:09,950 richness of the space so we'll go over 空间的丰富性，我们将结束 59 00:03:10,150 --> 00:03:12,618 those in in in order the English auction 那些以顺序进行的英语拍卖 60 00:03:12,818 --> 00:03:16,280 the Japanese the Dutch the first price 日本人荷兰人第一价 61 00:03:16,479 --> 00:03:18,740 sealed bid auction and the second price 密封投标拍卖和第二价格 62 00:03:18,939 --> 00:03:22,039 sealed bid auction and finally the all 密封拍卖，最后全部 63 00:03:22,239 --> 00:03:24,679 pay auction so let's go over those in 支付拍卖，让我们看看那些 64 00:03:24,878 --> 00:03:27,920 turn the English auction is probably the 打开英语拍卖可能是 65 00:03:28,120 --> 00:03:31,189 most familiar format this is the sort of 最常见的格式是 66 00:03:31,389 --> 00:03:36,189 thing that in art auction houses I 在艺术品拍卖行中的东西 67 00:03:36,389 --> 00:03:39,590 mekansm use they're so clear starts with mekansm使用它们是如此清晰，从 68 00:03:39,789 --> 00:03:43,280 some initial price often called the 一些初始价格通常称为 69 00:03:43,479 --> 00:03:46,450 reservation or the reserve price and 保留或底价和 70 00:03:46,650 --> 00:03:48,830 bittering the auctions shot sending 痛苦的拍卖镜头发送 71 00:03:49,030 --> 00:03:51,499 prices and at some point to stop 价格，并在某个时候停止 72 00:03:51,699 --> 00:03:53,780 shouting the auctioneer may try to 大喊拍卖师可能会尝试 73 00:03:53,979 --> 00:03:58,219 control them into sedition high prices 控制他们进入煽动高价 74 00:03:58,419 --> 00:04:01,730 but at some point the nobody says 但在某个时候，没人说 75 00:04:01,930 --> 00:04:03,259 anything at that point the option is 那时的任何选择 76 00:04:03,459 --> 00:04:05,810 closed and the highest bidder wins the 关闭，最高出价者中标 77 00:04:06,009 --> 00:04:11,509 good at that price the Japanese auction 以这样的价格，日本拍卖行 78 00:04:11,709 --> 00:04:15,860 is a less common term but it's similar 是一个不太常用的术语，但类似 79 00:04:16,060 --> 00:04:18,468 to the English auction in that it's an 参加英国拍卖会 80 00:04:18,668 --> 00:04:21,439 open outcry auction and the price 公开竞价拍卖和价格 81 00:04:21,639 --> 00:04:24,199 ascends except here is the auctioneer 上升，除了这里是拍卖师 82 00:04:24,399 --> 00:04:26,520 that calls out the prices 喊出价格 83 00:04:26,720 --> 00:04:29,460 whether explicitly or by some mechanism 无论是明确地还是通过某种机制 84 00:04:29,660 --> 00:04:31,740 like a clock that just continuously 就像一个持续不断的时钟 85 00:04:31,939 --> 00:04:35,699 Rises and I think of all the bidders as 上升，我认为所有投标者都是 86 00:04:35,899 --> 00:04:38,639 being in to begin with there so standing 在那里开始如此站立 87 00:04:38,839 --> 00:04:41,340 there and maybe the auction start is 在那里，也许拍卖开始是 88 00:04:41,540 --> 00:04:44,040 zero dollars for a television and 电视机零美元， 89 00:04:44,240 --> 00:04:46,680 everybody says I'm in and then the price 大家都说我进去了然后价钱 90 00:04:46,879 --> 00:04:51,259 starts to rise slowly and at some point 开始缓慢上升，并在某个时刻 91 00:04:51,459 --> 00:04:53,819 bidders decide the price is too high for 竞标者认为价格过高 92 00:04:54,019 --> 00:04:55,350 them and they sit down they're out of 他们，他们坐下，他们走了 93 00:04:55,550 --> 00:04:57,660 the auction and this is irrevocable once 拍卖，这是一次不可撤销的 94 00:04:57,860 --> 00:04:59,400 they sit down they cannot stand back up 他们坐下来，他们不能站起来 95 00:04:59,600 --> 00:05:02,460 and when you have only one bitter left 当你只剩下一个苦 96 00:05:02,660 --> 00:05:04,889 standing they get the good at that at 站立时，他们擅长于 97 00:05:05,089 --> 00:05:09,180 that price this is very similar to the 这个价格非常类似于 98 00:05:09,379 --> 00:05:13,050 English auction it's a little easier to 英文拍卖更容易 99 00:05:13,250 --> 00:05:16,470 analyze among other things because the 进行分析，因为 100 00:05:16,670 --> 00:05:18,660 price does rise continuously and there 价格确实持续上涨， 101 00:05:18,860 --> 00:05:20,310 you don't have what you call jump it 你没有你所谓的跳跃 102 00:05:20,509 --> 00:05:22,800 where somebody certainly offers a price 肯定有人要价的地方 103 00:05:23,000 --> 00:05:24,600 that's much higher than the current 远高于目前 104 00:05:24,800 --> 00:05:31,710 price and and if you want to think about 价格，如果您想考虑 105 00:05:31,910 --> 00:05:35,460 it in terms of a game representation you 就游戏表现而言， 106 00:05:35,660 --> 00:05:37,290 can imagine that in the English auction 可以想象在英国拍卖中 107 00:05:37,490 --> 00:05:39,720 at every point in the game you have many 在游戏的每个点上，您都有很多 108 00:05:39,920 --> 00:05:42,930 branches corresponding to the different 对应于不同的分支 109 00:05:43,129 --> 00:05:46,500 sort of increases or jump bids one could 可以提高或提高出价的一种方式 110 00:05:46,699 --> 00:05:50,129 give whereas here the game evolves in a 给予，而游戏在这里发展 111 00:05:50,329 --> 00:05:53,040 very you know in a single predictable 你知道一个单一的可预测的 112 00:05:53,240 --> 00:05:56,850 way that is the auction that's often 这种方式通常是拍卖 113 00:05:57,050 --> 00:06:00,090 called the Japanese auction and staying 叫日本拍卖行 114 00:06:00,290 --> 00:06:03,030 on the international theme we have the 关于国际主题，我们有 115 00:06:03,230 --> 00:06:06,230 doctor auction this is a more standard 医生拍卖这是更标准的 116 00:06:06,430 --> 00:06:10,079 term and it's so called because this is 这个词之所以被称为是因为 117 00:06:10,279 --> 00:06:12,389 in fact the mechanism but to this day is 实际上，直到今天的机制是 118 00:06:12,589 --> 00:06:15,509 used in the Dutch flower market so how 用在荷兰花卉市场上 119 00:06:15,709 --> 00:06:17,009 does the Dutch often work because this 荷兰人经常工作是因为 120 00:06:17,209 --> 00:06:20,310 is a descending auction like in the 是像在 121 00:06:20,509 --> 00:06:22,350 Japanese auction is the option ear that 日本拍卖是一种选择 122 00:06:22,550 --> 00:06:24,389 calls out prices again whether 再次召集价格 123 00:06:24,589 --> 00:06:27,300 explicitly or by a mechanism and in fact 明确地或通过某种机制，实际上 124 00:06:27,500 --> 00:06:29,639 in the Dutch flower market it's a clock 在荷兰花卉市场上，它是一个时钟 125 00:06:29,839 --> 00:06:32,699 that starts at that everybody can look 始于每个人都可以看 126 00:06:32,899 --> 00:06:35,360 at the end starts at a high price and 最后以高价开始 127 00:06:35,560 --> 00:06:38,139 gradually goes down 逐渐下降 128 00:06:38,339 --> 00:06:41,650 at some point the bidder claims the the 在某些时候，投标人要求 129 00:06:41,850 --> 00:06:45,910 the objects say the flower palette by 对象说出的调色板 130 00:06:46,110 --> 00:06:49,090 shouting mine or as it's the case and 喊我的或者是这样 131 00:06:49,290 --> 00:06:51,730 the Dutch flower market hitting a buzzer 荷兰花卉市场蜂鸣器 132 00:06:51,930 --> 00:06:55,120 and when they get it they when they hit 当他们拿到时 133 00:06:55,319 --> 00:06:58,300 it they get that good for that price so 他们以那个价格得到了那么好的，所以 134 00:06:58,500 --> 00:06:59,730 you can think of it as a game of chicken 你可以把它当成鸡的游戏 135 00:06:59,930 --> 00:07:01,780 obviously everybody would like to get 显然每个人都想得到 136 00:07:01,980 --> 00:07:04,569 the good at the lowest possible price 以尽可能低的价格出售商品 137 00:07:04,769 --> 00:07:06,370 but if they wait too long somebody could 但是如果他们等待太久，有人可以 138 00:07:06,569 --> 00:07:09,520 beat them to the punch this is the Dutch 击败他们，这是荷兰人 139 00:07:09,720 --> 00:07:11,990 auction 拍卖 140 00:07:12,920 --> 00:07:19,030 moving on to sealed bid auctions we we 继续进行密封的竞标拍卖，我们 141 00:07:19,230 --> 00:07:22,540 get off the international theme these 摆脱这些国际主题 142 00:07:22,740 --> 00:07:25,329 are called sealed bid auctions because 之所以称为密封竞标拍卖，是因为 143 00:07:25,529 --> 00:07:27,340 unlike the ones we discussed so far 不像我们到目前为止讨论的那样 144 00:07:27,540 --> 00:07:30,220 there's no open house try but imagine 没有开放的房子尝试，但想像 145 00:07:30,420 --> 00:07:33,449 that everybody writes a an offer a bid 大家写要约 146 00:07:33,649 --> 00:07:36,790 on a piece of paper and seals it in an 在一张纸上并将其密封在 147 00:07:36,990 --> 00:07:38,590 envelope and hands it the auctioneer and 信封并递给拍卖师， 148 00:07:38,790 --> 00:07:41,829 the auctioneer opens the envelope at the 拍卖师在 149 00:07:42,029 --> 00:07:45,250 same time and and then then decides what 同时，然后决定什么 150 00:07:45,449 --> 00:07:47,889 the outcome of the auction is and here 拍卖的结果在这里 151 00:07:48,089 --> 00:07:50,199 are two example of how this might happen 是两个例子说明如何发生 152 00:07:50,399 --> 00:07:53,860 the most common auction is the first 最常见的拍卖是第一次 153 00:07:54,060 --> 00:07:56,650 price auction or first price sealed bid 价格拍卖或第一价格密封投标 154 00:07:56,850 --> 00:08:01,740 auction so in this case the auctioneer 拍卖，因此在这种情况下，拍卖师 155 00:08:01,939 --> 00:08:04,509 fix the bidder with the highest price as 将出价最高的竞标者确定为 156 00:08:04,709 --> 00:08:07,060 the winner and have them pay their price 获胜者并让他们付出代价 157 00:08:07,259 --> 00:08:08,949 seems very straightforward and a very 看起来非常直接，非常 158 00:08:09,149 --> 00:08:12,939 common mechanism second price auction is 共同机制第二价格拍卖是 159 00:08:13,139 --> 00:08:15,759 almost the same it's again the highest 几乎一样，再次是最高的 160 00:08:15,959 --> 00:08:20,470 person who bid who wins the auction but 竞标的人谁赢得了拍卖会，但 161 00:08:20,670 --> 00:08:22,389 they don't pay what they wrote down they 他们不付写下来的钱 162 00:08:22,589 --> 00:08:25,060 pay what the highest rejected bid or the 支付最高拒绝出价或 163 00:08:25,259 --> 00:08:27,759 second highest bid is and you might 第二高的出价是 164 00:08:27,959 --> 00:08:29,139 scratch your head for a moment to say 挠头说一句话 165 00:08:29,339 --> 00:08:31,060 why would I want to do this for example 我为什么要这样做 166 00:08:31,259 --> 00:08:33,189 if I want to maximize my revenue as a 如果我想最大化我的收入 167 00:08:33,389 --> 00:08:35,500 seller surely I'd get less money if I 卖方如果我能肯定会少赚钱 168 00:08:35,700 --> 00:08:38,109 did the second price but when you think 做了第二个价格，但是当你认为 169 00:08:38,309 --> 00:08:39,969 about it the answer isn't so simple 关于它，答案不是那么简单 170 00:08:40,169 --> 00:08:42,729 because by changing the rules the 因为通过更改规则 171 00:08:42,929 --> 00:08:46,389 auction people would bid differently in 拍卖人在 172 00:08:46,590 --> 00:08:48,729 fact there's a famous result called the 事实上，有一个著名的结果叫做 173 00:08:48,929 --> 00:08:51,149 revenue equivalence theorem 收益等价定理 174 00:08:51,350 --> 00:08:54,089 shows that under certain conditions many 表明在某些条件下 175 00:08:54,289 --> 00:08:56,609 auction formats that look very different 看起来非常不同的拍卖形式 176 00:08:56,809 --> 00:08:59,069 in particular the first and second price 特别是第一和第二价格 177 00:08:59,269 --> 00:09:01,289 sealed bid auctions actually an 密封竞标拍卖实际上是 178 00:09:01,490 --> 00:09:08,219 expectation fetch the same price here 期望在这里获得相同的价格 179 00:09:08,419 --> 00:09:10,709 for variety it's a very different sort 种类繁多 180 00:09:10,909 --> 00:09:14,099 of auction and it's the old pay auction 拍卖，这是旧的薪酬拍卖 181 00:09:14,299 --> 00:09:18,979 and so you have a good for sale and oh 所以你有一个很好的销售哦 182 00:09:19,179 --> 00:09:26,659 maybe the good is a maybe that good is a 也许好是一个 183 00:09:26,860 --> 00:09:31,139 $20 bill now imagine that I auction off 20美元的钞票现在想象我在拍卖 184 00:09:31,340 --> 00:09:35,339 this $20 bill and here are the rules if 这20美元的钞票，如果 185 00:09:35,539 --> 00:09:37,349 you bid in the auction you can write 您在拍卖中出价可以写 186 00:09:37,549 --> 00:09:39,569 down any amount you want and piece of 减少您想要的任何金额 187 00:09:39,769 --> 00:09:41,519 paper and if you're the highest guy and 纸，如果你是最高的人， 188 00:09:41,720 --> 00:09:43,859 at the highest guy will win the auction 最高的人将赢得拍卖 189 00:09:44,059 --> 00:09:46,799 so if you write down $3 and if your 因此，如果您写下$ 3， 190 00:09:47,000 --> 00:09:48,990 highest guy you'll get this $20 bill for 最高的人，你会得到这20美元的钞票 191 00:09:49,190 --> 00:09:53,219 3 $3 if you lost you will still have to 3 $ 3如果您输了，您仍然必须 192 00:09:53,419 --> 00:09:55,589 pay your bid right so that's why it's 正确支付您的出价，这就是为什么 193 00:09:55,789 --> 00:09:59,759 called an all pay auction and now think 叫全薪拍卖，现在想 194 00:09:59,960 --> 00:10:02,099 for a moment what would you bid in such 一会儿你会出价 195 00:10:02,299 --> 00:10:06,449 an auction surely so tempting you want 拍卖肯定很诱人 196 00:10:06,649 --> 00:10:08,250 to bid something would you bid at least 出价某物您至少会出价 197 00:10:08,450 --> 00:10:14,120 $1 for the right to to win this $20 bill 1美元，可赢得20美元的钞票 198 00:10:14,320 --> 00:10:17,069 what happens if this wasn't a sealed bid 如果这不是密封投标，会发生什么 199 00:10:17,269 --> 00:10:21,319 auction but an ascending option and 拍卖，但选择权上升 200 00:10:21,519 --> 00:10:25,589 people could bid $1 and then somebody 人们可以出价1美元，然后有人 201 00:10:25,789 --> 00:10:28,049 could bid $2 how would you behave in 可以出价2美元，您的行为如何 202 00:10:28,250 --> 00:10:31,049 this auction so we've seen several 这次拍卖，所以我们已经看到了几个 203 00:10:31,250 --> 00:10:33,929 auction type now the English Japanese 拍卖类型现在为英文日文 204 00:10:34,129 --> 00:10:36,750 the Dutch sealed bid auctions they all 荷兰人全部竞标 205 00:10:36,950 --> 00:10:39,990 pay auction and this might suggests that 付费拍卖，这可能表明 206 00:10:40,190 --> 00:10:41,669 to understand the space of auctions you 了解您的拍卖空间 207 00:10:41,870 --> 00:10:43,469 should enumerate the different option 应该列举不同的选择 208 00:10:43,669 --> 00:10:47,490 types and study them but in fact the 类型并研究它们，但实际上 209 00:10:47,690 --> 00:10:50,309 space of auctions is infinite in an 拍卖的空间是无限的 210 00:10:50,509 --> 00:10:52,799 option is simply a negotiation mechanism 选择只是一种协商机制 211 00:10:53,000 --> 00:10:58,259 that is first market-based so that means 首先是基于市场的，这意味着 212 00:10:58,460 --> 00:11:00,990 that there is some sort of rules that 有某种规则 213 00:11:01,190 --> 00:11:04,990 govern it and typically involve 治理它，通常涉及 214 00:11:05,190 --> 00:11:08,289 some sort of currency of the marketplace 某种市场货币 215 00:11:08,490 --> 00:11:11,919 for example money it's mediated by a 例如金钱是由 216 00:11:12,120 --> 00:11:14,859 central authority the auctioneer and it 中央拍卖行及其 217 00:11:15,059 --> 00:11:18,669 has very well-defined rules that 有非常明确的规则 218 00:11:18,870 --> 00:11:21,099 everybody goes by and everybody knows 每个人都经过，每个人都知道 219 00:11:21,299 --> 00:11:22,628 that everybody goes by their common 每个人都遵循他们的共同点 220 00:11:22,828 --> 00:11:25,389 knowledge and the three kind of rules 知识和三种规则 221 00:11:25,589 --> 00:11:28,118 that we need to specify it in order to 我们需要指定它以便 222 00:11:28,318 --> 00:11:30,519 specify an auction there are the bidding 指定一个拍卖会 223 00:11:30,720 --> 00:11:33,339 rules there are the information rules 规则有信息规则 224 00:11:33,539 --> 00:11:36,519 and are the market clearing rules and if 市场清算规则以及 225 00:11:36,720 --> 00:11:38,498 you specify those you specify the 您指定那些您指定 226 00:11:38,698 --> 00:11:43,868 auction so what we mean by bidding rules 拍卖，所以我们所说的竞标规则 227 00:11:44,068 --> 00:11:48,328 we really mean who can bid when they bid 我们的意思是说谁可以出价 228 00:11:48,528 --> 00:11:52,709 what they can bid and some restrictions 他们可以出价和一些限制 229 00:11:52,909 --> 00:11:58,928 there are you know for example in an 你知道例如 230 00:11:59,129 --> 00:12:01,118 ascendant we had bid auction I have to 上升，我们不得不进行拍卖 231 00:12:01,318 --> 00:12:04,959 bid the current highest price in other 出价其他单位的当前最高价 232 00:12:05,159 --> 00:12:09,818 auctions I have to bid my own price we 拍卖我必须出价自己的价格 233 00:12:10,019 --> 00:12:12,669 may not allow people to bid arbitrarily 可能不允许人们任意竞标 234 00:12:12,870 --> 00:12:15,308 high we will make with some budget 高，我们将用一些预算 235 00:12:15,509 --> 00:12:18,969 constraints bids may have expiration 限制条件出价可能已到期 236 00:12:19,169 --> 00:12:22,748 dates they may may be subject to 他们可能要遵守的日期 237 00:12:22,948 --> 00:12:25,479 withdrawals or not and so on and so 是否提现等等 238 00:12:25,679 --> 00:12:28,349 forth so these are all the bidding rules 就是这些，所有的竞标规则 239 00:12:28,549 --> 00:12:31,149 very importantly are the information 非常重要的是信息 240 00:12:31,350 --> 00:12:34,808 disclosure rules and for example in a 披露规则，例如 241 00:12:35,009 --> 00:12:40,149 sealed bid auction we when I bid you 密封竞标拍卖，当我竞标时我们 242 00:12:40,350 --> 00:12:42,818 don't see my bid but do you know that I 没有看到我的出价，但是你知道我吗 243 00:12:43,019 --> 00:12:45,429 bid already that's a very important 出价已经非常重要 244 00:12:45,629 --> 00:12:47,109 information from you do you know who are 来自您的信息，您知道谁是谁 245 00:12:47,309 --> 00:12:49,328 the set of people who might be bidding 可能正在竞标的人 246 00:12:49,528 --> 00:12:51,969 so information dissemination here is 所以这里的信息传播是 247 00:12:52,169 --> 00:12:54,488 very critical to the market place and 对市场非常关键， 248 00:12:54,688 --> 00:12:57,748 has to be explicitly specified and 必须明确指定 249 00:12:57,948 --> 00:13:01,089 finally when all is said and done the 终于，当一切都说完了， 250 00:13:01,289 --> 00:13:03,428 bidding is done based on information 根据信息进行投标 251 00:13:03,629 --> 00:13:06,219 that agents do and don't have you need 代理商需要和不需要的 252 00:13:06,419 --> 00:13:09,039 to clear the market and market clearing 清理市场和市场清理 253 00:13:09,240 --> 00:13:13,479 rules are also multifaceted there's a 规则也是多方面的 254 00:13:13,679 --> 00:13:16,709 questions of when to clear for example 例如何时清除的问题 255 00:13:16,909 --> 00:13:18,789 you might clear the market 你可能会清理市场 256 00:13:18,990 --> 00:13:20,500 many times if you have multiple Goods 如果您有多个商品很多次 257 00:13:20,700 --> 00:13:24,459 you may clear the market once and 您可能会清除市场一次， 258 00:13:24,659 --> 00:13:26,349 certain set of goods will be sold and 某些商品将被出售， 259 00:13:26,549 --> 00:13:28,229 clear again and another set and so on 再次清除和另一组，依此类推 260 00:13:28,429 --> 00:13:32,289 you might for example decide when to 例如，您可能决定何时 261 00:13:32,490 --> 00:13:36,039 clear based on activities and so in some 根据活动明确，因此在某些情况下 262 00:13:36,240 --> 00:13:37,779 of the online auctions you will see that 在网上拍卖中，您会看到 263 00:13:37,980 --> 00:13:42,939 the auction ends at noon or after a 拍卖在中午或 264 00:13:43,139 --> 00:13:46,508 periods of 10 minutes of inactivity that 闲置10分钟 265 00:13:46,708 --> 00:13:49,029 is 10 minutes during which nobody place 10分钟内没有人放置 266 00:13:49,230 --> 00:13:52,899 any bid whichever is later it's a very 任何出价，以较晚者为准 267 00:13:53,100 --> 00:13:57,399 interesting market clearing rule so 有趣的市场清算规则 268 00:13:57,600 --> 00:13:59,948 that's the - regarding the timing then 那是-关于时间 269 00:14:00,149 --> 00:14:01,839 the allocation and the payment in other 分配和其他付款 270 00:14:02,039 --> 00:14:03,399 words you've cleared the marketing to 您已清除行销的字词 271 00:14:03,600 --> 00:14:06,789 say who got what who got for example in 说出谁得到了谁，例如 272 00:14:06,990 --> 00:14:09,549 case of a single good who got the van 一辆面包车的单一商品的情况 273 00:14:09,750 --> 00:14:14,169 Gogh and who pays what as we've seen may 梵高和谁支付我们所看到的可能 274 00:14:14,370 --> 00:14:16,779 not only be the person of one who pays 不仅是付钱的人 275 00:14:16,980 --> 00:14:19,198 for example in on all pay auction 例如在所有薪酬拍卖中 276 00:14:19,399 --> 00:14:22,359 everybody who bid phase once we 每个竞标阶段的人 277 00:14:22,559 --> 00:14:24,279 specified all of that we specify the 指定了所有我们指定的 278 00:14:24,480 --> 00:14:29,480 auction and return 拍卖和退货