Chinese auction: Difference between revisions
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{{Short description|Type of all-pay auction}} |
{{Short description|Type of all-pay auction}} |
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{{auction}} |
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'''Chinese auction''' is a type of the [[all-pay auction]], where the probability of winning depends on the relative size of a participant's bid.<ref name=:1>{{cite journal |last1=Benegas |first1=Mauricio |title=Bidding behavior in a symmetric Chinese auction |journal=EconomiA |date=1 January 2015 |volume=16 |issue=1 |pages=93–110 |doi=10.1016/j.econ.2015.03.003 |s2cid=154752695 |issn=1517-7580|doi-access=free |hdl=10419/179589 |hdl-access=free }}</ref> The choice of the winner is done by a lottery, whereby the bidders compete for a higher chance of winning.<ref name=:1/> |
'''Chinese auction''' is a [[derogatory]]<ref name=":2"/><ref name="Carlin 2020 n635"/> term for a type of the [[all-pay auction]], where the probability of winning depends on the relative size of a participant's bid.<ref name=:1>{{cite journal |last1=Benegas |first1=Mauricio |title=Bidding behavior in a symmetric Chinese auction |journal=EconomiA |date=1 January 2015 |volume=16 |issue=1 |pages=93–110 |doi=10.1016/j.econ.2015.03.003 |s2cid=154752695 |issn=1517-7580|doi-access=free |hdl=10419/179589 |hdl-access=free }}</ref> The choice of the winner is done by a lottery, whereby the bidders compete for a higher chance of winning.<ref name=:1/> |
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It is also known as '''penny [[raffle]]''', '''chance auction''' and '''tricky tray'''.<ref name=":2"/><ref>{{cite journal |last1=MCLENNAN |first1=Andy |title=Efficient disposal equilibria of pseudomarkets |journal=Workshop on Game Theory |date=2018 |page=8 |url=https://imsarchives.nus.edu.sg/oldwww2/events/2018/dyna/files/wk1.pdf}}</ref> |
It is also known as '''penny [[raffle]]''', '''chance auction''' and '''tricky tray'''.<ref name=":2"/><ref>{{cite journal |last1=MCLENNAN |first1=Andy |title=Efficient disposal equilibria of pseudomarkets |journal=Workshop on Game Theory |date=2018 |page=8 |url=https://imsarchives.nus.edu.sg/oldwww2/events/2018/dyna/files/wk1.pdf}}</ref> |
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==Etymology== |
==Etymology== |
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The origin of the name is unknown<ref name=:1/> but is thought to originated from the 19th Century when the term "Chinese" came to be used to mean cheap and described the inexpensive cost of the raffle and prizes.<ref name=":2"/><ref name="Carlin 2020 n635">{{cite web | last=Carlin | first=Blair | title=What's a Chinese Auction? Overview & Modern Alternatives | website=OneCause | date=5 August 2020 | url=https://www.onecause.com/blog/chinese-auction-definition/ | access-date=2 May 2024}}</ref> |
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| ⚫ | There is no connection to Chinese culture.<ref name=":2">{{cite news |title=Opinion: With Certain Words, Watch Your Mouth |url=https://www.nytimes.com/2006/03/12/opinion/nyregion/with-certain-words-watch-your-mouth-861510.html |access-date=28 October 2023 |work=The New York Times |date=12 March 2006}}</ref> |
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==Significance== |
==Significance== |
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[[Category:All-pay auction]] |
[[Category:All-pay auction]] |
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[[Category:Anti-Chinese sentiment]] |
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Latest revision as of 20:06, 21 May 2024
Chinese auction is a derogatory[1][2] term for a type of the all-pay auction, where the probability of winning depends on the relative size of a participant's bid.[3] The choice of the winner is done by a lottery, whereby the bidders compete for a higher chance of winning.[3]
It is also known as penny raffle, chance auction and tricky tray.[1][4]
Etymology[edit]
The origin of the name is unknown[3] but is thought to originated from the 19th Century when the term "Chinese" came to be used to mean cheap and described the inexpensive cost of the raffle and prizes.[1][2]
There is no connection to Chinese culture.[1]
Significance[edit]
Chinese auctions are usually conducted during charity events for fundraising.[5] Political elections and patent races can be modeled as Chinese auctions, in which the chance of winning is seen as proportional to the amount spent.[6]
References[edit]
- ^ a b c d "Opinion: With Certain Words, Watch Your Mouth". The New York Times. 12 March 2006. Retrieved 28 October 2023.
- ^ a b Carlin, Blair (5 August 2020). "What's a Chinese Auction? Overview & Modern Alternatives". OneCause. Retrieved 2 May 2024.
- ^ a b c Benegas, Mauricio (1 January 2015). "Bidding behavior in a symmetric Chinese auction". EconomiA. 16 (1): 93–110. doi:10.1016/j.econ.2015.03.003. hdl:10419/179589. ISSN 1517-7580. S2CID 154752695.
- ^ MCLENNAN, Andy (2018). "Efficient disposal equilibria of pseudomarkets" (PDF). Workshop on Game Theory: 8.
- ^ Heiss, Renee (2007). Helping Kids Help: Organizing Successful Charitable Projects. Chicago Review Press. ISBN 978-1-56976-211-0.
- ^ Shor, Mikhael. "Chinese Auction - Game Theory .net". www.gametheory.net. Retrieved 28 October 2023.