DOCSLIB.ORG

C Mmittee Report REGULAR CALENDAR

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
C Mmittee Report REGULAR CALENDAR C mmittee Report REGULAR CALENDAR April 26, 2018 HOUSE OF REPRESENTATIVES REPORT OF COMMITTEE The Committee on Commerce and Consumer Affairs to which was referred SB 316, AN ACT relative to the regulation of online auctions. Having considered the same, report the same with the recommendation that the bill OUGHT TO PASS. R p Michael Costable FOR THE COMMITTEE Original: House Clerk Cc: Committee Bill File COMMITTEE REPORT Committee: Commerce and Consumer Affairs Bill Numbei.:. Sl3 316 Title: relative to the regulation of online auctions. Date: April 26, 2018 Consent Calendar: REGULAR Recommendati9 OUGHT TO PASS STATEMENT OF INTENT This bill exempts internet auctions from the requirements of RSA 311-B, the Auctioneers' Practice Act. Under current law anyone that lists items online at popular web sites (like eBay) must obtain an auctioneer's license, unless they are selling their own personal property, however, personal property obtained for the purpose of re-selling also requires an auctioneer's license. Forty three states do not regulate online auctions and 23 states do not regulate auctioneers, including New York and California. To qualify in New Hampshire for an auctioneer's license one must either go to auctioneer's school or apprentice for a minimum of six months and the apprenticeship must include activities such as bid calling and running etc, then one must register for a $75 exam, pay a $200 fee for a two year license and be bonded for minimum of $25,000. The majority on the committee felt that this process is overly burdensome, unnecessary and unenforceable to any significant degree. Vote 11-6. Rep. Michael Costable FOR THE COMMITTEE Original: House Clerk Cc: Committee Bill File REGULAR CALENDAR Commerce and Consumer Affairs SB 316, relative to the regulation of online auctions. OUGHT TO PASS. Rep. Michael Costable for Commerce and Consumer Affairs. This bill exempts internet auctions from the requirements of RSA 311-B, the Auctioneers' Practice Act. Under current law anyone that lists items online at popular web sites (like eBay) must obtain an auctioneer's license, unless they are selling their own personal property, however, personal property obtained for the purpose of re- selling also requires an auctioneer's license. Forty three states do not regulate online auctions and 23 states do not regulate auctioneers, including New York and California. To qualify in New Hampshire for an auctioneer's license one must either go to auctioneer's school or apprentice for a minimum of six months and the apprenticeship must include activities such as bid calling and running etc, then one must register for a $75 exam, pay a $200 fee for a two year license and be bonded for minimum of $25,000. The majority on the committee felt that this process is overly burdensome, unnecessary and unenforceable to any significant degree. Vote 11-6. Original: House Clerk Cc: Committee Bill File Stapler, Carol From: Costable, Michael Sent: Wednesday, April 11, 2018 9:01 AM To: Hunt, John; Stapler, Carol Subject: Blurb 316 exempt auctions SB316 This bill exempts internet auctions from the requirements of RSA 311-B. Under current law anyone that lists items online at popular websites (like ebay) must register for an auctioneer's license, unless it is their own personal property, however, personal property obtained for the purpose of re-selling also requiresicense. 43 states do not regulate online auctions and 23 states do not regulate Auctioneers, including New York and California. To qualify in New Hampshire for an auctioneers license one must either go to auctioneer's school or apprentice for a minimum of six months and the apprenticeship must include activities such as bid calling and running etc, then one must register for an exam with a cost of $75 per, pay a $200 fee for a two year license and be bonded for minimum of $25,000. The majority on the committee felt that this process is overly burdensome, unnecessary and unenforceable to any significant degree. 1 Voting Sheets HOUSE COMMITTEE ON COMMERCE AND CONSUMER AFFAIRS EXECUTIVE SESSION on SB 316 BILL TITLE: relative to the regulation of online auctions. DATE: April 10, 2018 LOB ROOM: 302 MOTIONS: OUGHT TO PASS Moved by Rep. Costable Seconded by Rep. Plumer Vote: 11-6 CONSENT CALENDAR: NO Statement of Intent: Refer to Committee Report Respectfully submitted, Rep Valerie Fraser, Clerk HOUSE COMMITTEE ON COMMERCE AND CONSUMER AFFAIRS EXECUTIVE SESSION on SB 316 BILL TITLE: relative to the regulation of online auctions. DATE: LOB ROOM: 302 MOTION: (Please check one box) OTP ❑ lTL 0 Retain (1st year) n Adoption of Amendment # 0 Interim Study (2nd year) (if offered) Moved by Rep. Co Seconded by Rep. p rYv r Vote: MOTION: (Please check one box) ❑ OTP 0 OTP/A E ITL 0 Retain (1" year) El Adoption of Amendment # [I Interim Study (2nd year) (if offered) Moved by Rep. Seconded by Rep. Vote: MOTION: (Please check one box) O OTP ❑ OTP/A ❑ ITL E Retain (1st year) El Adoption of Amendment # 0 Interim Study (2nd year) (if offered) Moved by Rep. Seconded by Rep. Vote: MOTION: (Please check one box) ❑ OTP 0 OTP/A 0 ITL El Retain (1st year) LI Adoption of Amendment # 0 Interim Study (2nd year) (if offered) Moved by Rep. Seconded by Rep. Vote: CONSENT CALENDAR: YES NO Minority Report? Yes LNo If yes, author, Rep: Motion Respectfully submitted: A 44"--4---- Rep-\? alerie Fraser, Clerk STATE OF NEW HAMPSHIRE 1/5/2018 10:27:29 AM • OFFICE OF THE HOUSE CLERK Roll Call Committee Registers Report 2018 SESSION COMMERCE Bill #: .26 . Title: 6-0;. eke PH Date: Exec Session Date: T / Motion: v-179 Amendment #: MEMBER YEAS NAYS Hunt, John B. Chariman . V/ Biggie, Barbara Vice Chairman Fraser, Valerie Clerk Fromuth, Bart — Sanborn, Laurie J. Ferreira, Elizabeth V Osborne Jason M. V/ Costable, Michael V/ Plumer, John R. V Schwaegler, Vicki \I Panasiti, Reed A. Butler, Edward A. 7- Gidge, Kenneth N. — . / Williams, Kermit R. ,/ Abel, Richard M. 1// Luneau, David k/ McBeath, Rebecca ____ Bartlett, Christy D. —17 Fontneau, Timothy — Van Houten, Connie li7 TOTAL VOTE: VN\ Page: 1 of 1 Sub-Committee Minutes HOUSE COMMITTEE ON COMMERCE AND CONSUMER AFFAIRS SUBCOMMITTEE WORK SESSION on SB 316 BILL TITLE: relative to the regulation of online auctions. DATE: April 3, 2018 Subcommittee Members: Reps. Sanborn, Ferreira, Costable, Plumer, Panasiti, Butler, Williams, Abel, Bartlett and Van Houten Comments and Recommendations: MOTIONS: OUGHT TO PASS Moved by Rep. Rep. Costable Seconded by Rep. Rep. Plumer Vote: 5-4 Respectfully submitted, Rep. Laurie Sanborn Subcommittee Chairman HOUSE COMMITTEE ON COMMERCE AND CONSUMER AFFAIRS SUBCOMMITTEE WORK SESSION on SB 316 BILL TITLE: relative to the regulation of online auctions. DATE: Subcommittee Members: Reps. Hunt, Biggie, Fraser, Fromuth, Sanborn, F91-JLejx4., Osborne, Costable. Plumer, Schwaegler, Panasiti, Butler, Gidge, Williams, Abel, Luneau, McBeath, Bartlett, frontiTea7 and Van Houten Comments and Recommendations: MOTIONS: TP/A, ITL, Retained (1st Yr), Interim Study (2nd Yr) (Please circle one) Moved by Rep. Seconded by Rep. W'filline{: AM Vote: 5 — Adoption of Amendment # Moved by Rep. Seconded by Rep. Vote: Amendment Adopted Amendment Failed MOTIONS: OTP, OTP/A, ITL, Retained (1st Yr), Interim Study (2nd Yr) (Please circle one) Moved by Rep. Seconded by Rep. AM Vote: Adoption of Amendment # Moved by Rep. Seconded by Rep. Vote: Amendment Adopted Amendment Failed Respectfully submitted, Rep. Subcommittee Chairman/Clerk Hearing Minutes HOUSE COMMITTEE ON COMMERCE AND CONSUMER AFFAIRS PUBLIC HEARING ON SB 316 BILL TITLE: relative to the regulation of online auctions. DATE: March 28, 2018 LOB ROOM: 302 Time Public Hearing Called to Order: 2:29 pm Time Adjourned: 3:30 pm mtratee Members: Reps un Fraser, Fromut sborne, Costabl i, Plumer, Schwae Je-r- asie utle Gidge, Williams McBeath, Bartlett, Fontneau and n Hou en Bill Sponsors: Sen. French Sen. Reagan TESTIMONY * Use asterisk if written testimony and/or amendments are submitted. SB 316 Clerk's Notes Barbara Biggie *Sen. Harold French, licensed auctioneer - The NH Auctioneers state how this bill would be dangerous to consumers. Consumer protections are in place. This organization believes it can regulate online sales at auction sites. 42 states don't regulate auctions. There are several avenues to sell you belongings, including online auctions. One complaint received last year. The regulatory board says using online methods, e.g. using eBay's "auction" choice, they should be an auctioneer. Currently can use online site, not have control of merchandise and money, it's permissable. Selling own goods online at auction: personal goods. 311-13:h any person who buys goods to sell online, have to be licensed. At my auction, buying and then selling later, need to be licensed. Q: Rep. Richard Able - Would you like to eliminate licensing requirement all together? A: Yes, this bill would be a good start. Don't regulate online commerce. Anyone from Maine or Vermont can come to NH and take back to sell online. Eric Forcier & Adrian LaRochelle, Secv of State's Office - supports the bill Checked neighboring states. ME specific; MA doesn't regulate: Vt hasn't answered yet. Business friendly. Not far from exemption in existing law. Bill would allow possession of items. Q: Rep. Ed Butler exception B:13-5 ? A. yes, section 4 selling own goods *Aile Byers, NH Auctioneers, President & Bob Best, NH Auctioneers Assoc. NHAA Atty Sullowav - Opposes. Looked at consignment shops complaints presented. Q: Rep. Abel - Absent licensure there's no protection 'or the consumer? What does the owner of the goods do? A: Contact NH Board of Auctioneers' board to make a finding. The auctioneer is bonded and can deal with that. And, consumer protection division at the Attorneys General office.
Load more

Recommended publications
  • Econ 2230: Public Economics
    Econ 2230: Public Economics Lecture 16: Auctions Competitive mechanisms Lotteries increase public good provision relative to VCM Lottery purchase imposes a negative externality on others. This effect counteracts the positive externality that results from giving to the public good. Do other competitive mechanisms have a similar effect? Winner pay auctions ? Charity auctions typically held at social events in the form of English auction ((gpitem awarded to bidder with the highest value at a price equal to the value of the second highest bidder) standard oral ascending auctions silent auction – write down increasing bids by a certain time Internet charity auction same items offered for sale both in for-profit and not-for profit auctions (e.g., eBay and eBay Giving Works). Auctions 1. Charity auction 2. Winner pay auction a. Charity auction vs. non-charity auction b. Lottery vs. winner pay auction 3. All pay auctions a. Laboratory b. Field 1. Charity auctions Will winner pay auctions give rise to same negative (counteracting) externality as that seen for lotteries? Negative externality: raising bid decreases likelihood that others will win item Additional benefits of winner pay auction? Advantage over lottery? Winner deterministically determined – highest value bidder wins the price. Disadvantage of winner pay auction relative to lottery? Only winner pays bid (vs. lottery where all pay) 1. Charity auctions Related Burkart (1995) bidding among creditors in bankruptcy auctions Engelbrecht-Wiggans (1994) bidding among heirs for a family estate Goeree et al (2005) Model: independent private value offf the prize and incomplete information bidders’ values independently and uniformly distributed on [0,1] auction’s proceeds accrue to a public good that benefits the bidders.
    [Show full text]
  • Loss Aversion and Sunk Cost Sensitivity in All-Pay Auctions for Charity: Experimental Evidence∗
    Loss Aversion and Sunk Cost Sensitivity in All-pay Auctions for Charity: Experimental Evidence∗ Joshua Fostery Economics Department University of Wisconsin - Oshkosh August 30, 2017 Abstract All-pay auctions have demonstrated an extraordinary ability at raising money for charity. One mechanism in particular is the war of attrition, which frequently generates revenue well beyond what is theoretically predicted with rational bidders. However, what motivates the behavioral response in bidders remains unclear. By imposing charity auction incentives in the laboratory, this paper uses controlled experiments to consider the effects of loss aversion and sunk cost sensitivity on bidders’ willingness to contribute. The results indicate that revenues in incremental bidding mechanisms, such as the war of attrition, rely heavily on bidders who are sunk cost sensitive. It is shown this behavioral response can be easily curbed with a commitment device which drastically lowers contributions below theoretical predictions. A separate behavioral response due to loss aversion is found in the sealed-bid first-price all-pay auction, which reduces bidders’ willingness to contribute. These findings help explain the inconsistencies in revenues from previous all-pay auction studies and indicate a mechanism preference based on the distribution of these behavioral characteristics. Keywords: Auctions, Market Design, Charitable Giving JEL Classification: C92, D03, D44, D64 ∗I would like to thank Cary Deck, Amy Farmer, Jeffrey Carpenter, Salar Jahedi, Li Hao, and seminar participants at the University of Arkansas, ESA World Meetings, ESA North America Meetings, and the SEA Annual Meetings for their helpful comments at various stages of the development of this project. yContact the author at [email protected].
    [Show full text]
  • COVID-19 and Its Impact on Auction Houses
    Sotheby's Institute of Art Digital Commons @ SIA MA Theses Student Scholarship and Creative Work 2020 Business Interrupted : COVID-19 and its impact on auction houses Carolina Sagardoy Sotheby's Institute of Art Follow this and additional works at: https://digitalcommons.sia.edu/stu_theses Part of the Business Analytics Commons, and the Other Business Commons Recommended Citation Sagardoy, Carolina, "Business Interrupted : COVID-19 and its impact on auction houses" (2020). MA Theses. 84. https://digitalcommons.sia.edu/stu_theses/84 This Thesis - Open Access is brought to you for free and open access by the Student Scholarship and Creative Work at Digital Commons @ SIA. It has been accepted for inclusion in MA Theses by an authorized administrator of Digital Commons @ SIA. For more information, please contact [email protected]. Business Interrupted: COVID-19 and its Impact on Auction Houses By Carolina Sagardoy A Thesis submitted in conformity with the requirements for the Master’s Degree in Art Business Sotheby’s Institute of Art 2020 Word Count: 14,658 Business Interrupted: COVID-19 and its Impact on Auction Houses By: Carolina Sagardoy Abstract This study aims to thoroughly analyse how auction houses are coping with the conditions imposed by the Coronavirus pandemic in the short-term and what the virus’ long-term impact on the business will be. The study will look at upcoming marketing campaigns and the quick migration to online sales, and will analyse the data within those sales. The study is unique in its aim to also analyse buyer and seller psychological behaviours and how they will be impacted as a result of forced or voluntary distancing when live sales return.
    [Show full text]
  • Charity Auctions for the Happy Few∗
    Charity Auctions for the Happy Few¤ Olivier Bosy April 16, 2007 Abstract Recent literature has shown that all-pay auctions raise more money for charity than winner- pay auctions. We demonstrate that the first and second-price winner-pay auctions outper- form first-price all-pay auctions when bidders are sufficiently asymmetric. To prove it, we consider a framework with complete information. This analysis is relevant for two main reasons. On the one hand, complete information is more realistic and corresponds to events which occur for instance in a local service club (like in a voluntary organization) or in a show business dinner. Potential bidders are ac- quaintances or know one another well. On the other hand, our model keeps the qualitative predictions of a private value model under incomplete information in which bidders are ex ante asymmetric that is to say different bidders’ values are drawn from different distribu- tions. Furthermore, we also analyze second-price all-pay auction. Finally, we show that individual minimum bids could improve the relative revenue performance of first-price all- pay compared to first-price winner-pay auction. Keywords: All-pay auctions, charity, complete information, externalities JEL Classification: D44, D62, D64 ¤I would like to thank Gabrielle Demange, David Ettinger, Philippe Jehiel and Laurent Lamy for helpful conversations. All errors are mine. yPSE (Paris-Jourdan Sciences Economiques/Paris School of Economics), 48 boulevard Jourdan, 75014 Paris, France. Email: [email protected], phone: (+33)143136314. 1 1 Introduction More and more voluntary organizations wish to raise money for charity purposes through a partnership with firms.
    [Show full text]
  • Putting Auction Theory to Work
    P1: FCH/FFX P2: FCH/FFX QC: FCH/FFX T1: FCH CB610-FM CB610-Milgrom-v3 October 27, 2003 16:27 PUTTING AUCTION THEORY TO WORK This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of “optimal auctions” and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation. It shows how seemingly different auction designs can lead to nearly identical outcomes if the participating bidders are the same – a finding that focuses attention on (1) attracting bidders and (2) mini- mizing the cost of running the auction and bidding in it. It shows how new auc- tion designs can accommodate complicated procurement settings and sales with many interrelated goods. Paul Milgrom is Leonard and Shirley Ely Professor of Humanities and Social Sciences and Professor of Economics at Stanford University.He has also taught at Harvard University and MIT.
    [Show full text]
  • Auctions for Charity: the Curse of the Familiar∗
    Auctions for Charity: The Curse of the Familiar∗ Jeffrey Carpenter† Damian S. Damianov‡ Peter Hans Matthews§ February 17, 2017 Abstract Recently there has been considerable interest in the use of raffles and auctions to fund public goods. Economists have developed theories that predict which of the standard mechanisms should do well and they have run a variety of experiments to test the per- formance of these mechanisms. One aspect that has been largely overlooked, however, is whether new mechanisms can yield even more of the public good. We run fundrais- ing events in the field at the meetings of a well-known service organization across the United States to examine the properties of five mechanisms: one that is common in the literature (first-price all-pay auction), two that are familiar to practitioners in the field (the English/live auction and the raffle), and two that are new (the \bucket" auction and a lottery-auction hybrid). Consistent with theory, we find large differences in per- formance between the two most familiar formats but these disparities are dwarfed by the differentials achieved using the new and less common formats. Our results demon- strate the continued potential of mechanism design to inform the provision of public goods and fundraising. Keywords: Public Good, Raffle, Lottery, Auction, Fundraising, Mechanism Design, Field Experiment. JEL Codes: C93, D44, D64, H41 ∗We thank Catherine Collins, Brent Davis, Ryan Freling, Joshua Foster, Ellen Green, Daniel Jones, Malcolm Kass, James Kelly, Andrew Kloosterman, Peter Kriss, Nick Lovejoy, Jens Schubert and Anand Shukla for research assistance. We also acknowledge the financial support of Middlebury College and the National Science Foundation (SES 0617778).
    [Show full text]
  • Minutes for the Tennessee Auctioneer Commission Meeting On
    TENNESSEE AUCTIONEER COMMISSION 500 JAMES ROBERTSON PARKWAY NASHVILLE, TENNESSEE 37243 615-741-1831 Commission Meeting Minutes for February 24, 2020 First Floor Conference Room 1-B Davy Crockett Tower The Tennessee Auctioneer Commission met on February 24th, 2020 in the first-floor conference room of Davy Crockett Tower in Nashville, Tennessee. Chairman Thorpe called the meeting to order at 9:00 a.m. and the following business was transacted: COMMISSION MEMBERS PRESENT: Jeff Morris, John Thorpe, Randy Lowe, and Kimball Sterling COMMISSION MEMBERS ABSENT: None STAFF MEMBERS PRESENT: Roxana Gumucio, Glenn Kopchak, Anna Matlock, Kristen Downey, Robert Hunter, and Angela Nelson ROLL CALL Chairman Thorpe called the meeting to order at 9:00 a.m. Director Kopchak took roll and established that a quorum was present. NOTICE OF MEETING Director Kopchak read the notice of the meeting into the record as follows: “Notice of the February 24, 2020 meeting of the Auctioneer Commission was posted to the website on February 18, 2020.” AGENDA Chairman Thorpe requested that the Commission move the Rulemaking Hearing under New Business to account for the fact the hearing was not scheduled to begin until 10:00 a.m. Mr. Lowe made a motion to adopt the agenda as amended to move the Rulemaking Hearing. This was seconded by Mr. Morris. The motion carried by unanimous voice vote. MINUTES Mr. Morris made a motion to adopt the minutes from the November meeting as written. This was seconded by Mr. Lowe. The motion carried by unanimous voice vote. EDUCATION REVIEW Director Kopchak presented the Commission with the continuing education courses submitted by the Tennessee Auctioneers Association (TAA).
    [Show full text]
  • Charity Auctions for the Happy Few∗
    Charity Auctions for the Happy Few¤ Olivier Bosy May 2007 Abstract Recent literature has shown that all-pay auctions raise more money for charity than winner- pay auctions. We demonstrate that the first and second-price winner-pay auctions outper- form first-price all-pay auctions when bidders are sufficiently asymmetric. To prove it, we consider a framework with complete information. This analysis is relevant for two main reasons. On the one hand, complete information is more realistic and corresponds to events which occur for instance in a local service club (like in a voluntary organization) or in a show business dinner. Potential bidders are ac- quaintances or know one another well. On the other hand, our model keeps the qualitative predictions of a private value model under incomplete information in which bidders are ex ante asymmetric that is to say different bidders’ values are drawn from different distribu- tions. Furthermore, we also analyze second-price all-pay auction. Finally, we show that individual minimum bids could improve the relative revenue performance of first-price all- pay compared to first-price winner-pay auction. Keywords: All-pay auctions, charity, complete information, externalities JEL Classification: D44, D62, D64 ¤I would like to thank Gabrielle Demange, David Ettinger, Philippe Jehiel and Laurent Lamy for helpful conversations. All errors are mine. I also thank the Paris School of Economics, in particular the Chair in Economic Theory, for his financial support. yPSE (Paris-Jourdan Sciences Economiques/Paris School of Economics), 48 boulevard Jourdan, 75014 Paris, France. Email: [email protected], phone: (+33)143136314.
    [Show full text]
  • "Where Old M Ts New"
    Happy Hollow - Page 3 Deliver to addressee below, or CURRENT RESIDENT Employment - Page 4-5 Vintage Antiques - Page 23 ECRWSS PRSRT STD US POSTAGE PAID WICHITA, KS PERMIT NO 441 Residential Customer / PO 115 S. Kansas, Haven, Kansas 67543-0485 620-465-4636 • www.ruralmessenger.com Vol. 16 No. 26 • July 19, 2017 7/28/2017 - H & H Auction - Online Page - 39 “Farming is a profession of hope.” AUCTIONS 7/29/2017 - Wheeler Auction - Paris Mo Page - 32 -Brian Brett 7/19/2017 - Floyd Auction - Kingman Page - 25 7/29/2017 - Wheeler Auction - Paris Mo Page - 33 8/5/2017 - Chuck Korte Auction - Andover Page - 37 7/20/2017 - Gene Francis Auction - Harper American Legion 7/29/2017 - Brown Auction & Real Estate/Ag Auctions - Page - 34 Page - 8 8/10/2017 - Sudduth Realty - El Dorado Page - 10 7/29/2017 - Chuck Korte Auction - Andover Page - 37 7/22/2017 - J.P Weigand - Pratt, KS Page - 7 9/9/2017 - Fall Machinery Consignment Auction Younger 7/31/2017 - Griffin Real Estate & Auction - Burns, KS. Auction Page - 16 7/22/2017 - Morris Yoder Auctions - Hutchinson Page - 31 Page - 11 Floyd Auction & Real Estate Page - 24 7/23/2017 - Wilson Realty & Auction Service - Salina Page 8/1/2017 - Entz Auction - Hydro, OK Page - 15 - 18 Andrew Turner Auctions Page - 40 8/1/2017 - Farm and Home Realty - Kingman County Page 7/25/2017 - Sudduth Auction - Towanda Page - 13 - 20 Central Livestock Page - 4 7/25/2017 - Griffin Real Estate & Auction - Marion, KS Page 8/2/2017 - Enlow Tractor Auction - Tulsa, Ok Page - 13 Gavel Roads Online Page - 13 - 22 8/3/2017 - J.P.
    [Show full text]
  • Bucket Auctions
    Games and Economic Behavior 88 (2014) 260–276 Contents lists available at ScienceDirect Games and Economic Behavior www.elsevier.com/locate/geb ✩ “Bucket auctions” for charity ∗ Jeffrey Carpenter a,b, , Jessica Holmes a, Peter Hans Matthews a a Department of Economics, Middlebury College, Middlebury, VT 05753, USA b Institute for the Study of Labor, IZA, D-53113 Bonn, Germany a r t i c l e i n f o a b s t r a c t Article history: Donations in-kind can be a mixed blessing for charities, who are often more adept at Received 4 March 2013 solicitation than resale. Many organizations rely on raffles to turn donations into cash, but Available online 18 October 2014 auctions are also common. Theory predicts that all-pay mechanisms should produce more revenue than winner-pay mechanisms, but the empirical literature is thin and inconclusive. JEL classification: Drawing on both theoretical insights and behavioral intuition, we examine another all-pay C92 D44 mechanism, the “bucket auction,” and show that it generates more revenue than other D64 standard mechanisms, both in theory and in the lab. We hope, therefore, that this format, H41 and others like it, will attract the interest of fundraisers. © 2014 Elsevier Inc. All rights reserved. Keywords: Charity auction Fundraising Charitable giving Experiment 1. Introduction More than 80 percent of the almost 50 million itemized personal tax returns filed in the United States during 2008 1 claimed charitable donations and of these, 23 million listed non-cash donations. The reported value of these non-cash donations was about $40 billion, or about 20 percent of the total.
    [Show full text]
  • Essays in Auction Theory Centerç
    CentERç EmiEl maasland Essays in auction Theory Essays in Auction Theory Essays in Auction Theory Proefschrift ter verkrijging van de graad van doctor aan Tilburg University op gezag van de rector magnificus, prof. dr. Ph. Eijlander, in het openbaar te verdedigen ten overstaan van een door het college voor promoties aangewezen commissie in de aula van de Universiteit op vrijdag 24 februari 2012 om 12.15 uur door Emiel Maasland geboren op 5 december 1970 te Rotterdam Promotiecommissie Promotores: prof. dr. E.E.C. van Damme prof. dr. M.C.W. Janssen Overige leden: prof. dr. J. Boone prof. dr. M.F.M. Canoy prof. dr. J.K. Goeree prof. dr. T.J.S. Offerman prof. dr. J.J.M. Potters Acknowledgements This thesis is the result of my work at the CentER for Economic Research at Tilburg Uni- versity (1996-2000) and the Erasmus University Rotterdam (2001-present). CentER, with its large number of faculty and Ph.D. students, frequent seminars and numerous world-renowned visitors, is truly an excellent place for study and research. During my Ph.D. years in Tilburg, I had ample opportunities to visit interesting workshops and conferences abroad, enabling me to meet the key auction experts and game theorists in the world. CentER is greatly acknowl- edged for the financial support. As of 2001, I started to work as a researcher for SEOR, an applied economic research institute that operates independently under the umbrella of the Erasmus University Rotterdam as part of the Erasmus School of Economics. I am grateful to SEOR for giving me the opportunity to finalize my Ph.D.
    [Show full text]
  • Auctions with Contingent Payments - an Overview
    Auctions with Contingent Payments - an Overview. Andrzej Skrzypacz February 21, 2013 Abstract I survey a literature on auctions with contingent payments, that is auctions in which payments are allowed to depend on an ex-post verifiable variable, such as revenues in oil lease auctions. Based on DeMarzo, Kremer and Skrzypacz (2005), I describe a partial ranking of auction revenues for auctions that differ in terms of contract forms, pricing rules and seller commitment and why the Revenue Equivalence Theorem does not apply even in an independent private values setup. I discuss models that incorporate adverse selection, moral hazard, competition between auctioneers, common values and the sale of multiple units. 1 Introduction In some auctions the value of the good being auctioned is completely subjective. For example, in a charity auction for a dinner with a local celebrity, the value to bidders cannot be observed. In other situations while values/costs are objective, they cannot be easily verified. For example, in auctions selecting contractors to repair a highway, the costs of completing the project are hard to verify. On the other hand, in many commercial settings, the value of an asset/contract is at least partially observed. For example, in oil-lease auctions, if the winner explores the field, the government can measure revenue obtained from the exploration. It is a common practice around the world for the government selling the rights to drill for oil or natural gas to collect additional revenue in the form of royalties. Graduate School of Business, Stanford University (e-mail: [email protected]). I thank Peter DeMarzo and Ilan Kremer for inspiration since the core of this paper is based on my joint work with them.
    [Show full text]