Using auctions to get the right price

Multiple-choice questions: In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again

  1. When and where were bidding markets first documented?

  2. What is the 'winner's curse'?

  3. Which of the following do governments not auction off?

  4. Why might the outcome of government auctions be particularly important to taxpayers and citizens?

  5. Which of the following statements best defines a forward auction?

  6. Which of the following statements best defines a reverse auction?

  7. Which of the following statements best describes a double auction?

  8. On which of the following factors does the outcome of an auction not depend?

  9. What does auction theory describe?

  10. Why are auctions and game theory linked?