Chinese auction: Difference between revisions
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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 |url=https://www.sciencedirect.com/science/article/pii/S1517758015000077 |issn=1517-7580}}</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 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 |url=https://www.sciencedirect.com/science/article/pii/S1517758015000077 |issn=1517-7580}}</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 actions are usually used during charity events to stimulate donations.<ref>{{cite book |last1=Heiss |first1=Renee |title=Helping Kids Help: Organizing Successful Charitable Projects |date=2007 |publisher=Chicago Review Press |isbn=978-1-56976-211-0 |url=https://books.google.de/books?id=0zCsS6qfbAQC |language=en}}</ref> |
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It is also known as '''penny [[raffle]]''' or '''chance auction'''.<ref name=":2"/> |
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==Etymology== |
==Etymology== |
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The origin of the name is unknown.<ref name=:1/> 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> The term probably originated from the time of [[Chinese Exclusion Act]] as Chinese immigrants were paid low wages and the |
The origin of the name is unknown.<ref name=:1/> 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> The term probably originated from the time of [[Chinese Exclusion Act]] as Chinese immigrants were paid low wages and the raffle tickets were inexpensive too.<ref name=":2"/> |
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==References== |
==References== |
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Revision as of 20:23, 28 October 2023
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.[1] The choice of the winner is done by a lottery, whereby the bidders compete for a higher chance of winning.[1] Chinese actions are usually used during charity events to stimulate donations.[2]
It is also known as penny raffle or chance auction.[3]
Etymology
The origin of the name is unknown.[1] There is no connection to Chinese culture.[3] The term probably originated from the time of Chinese Exclusion Act as Chinese immigrants were paid low wages and the raffle tickets were inexpensive too.[3]
References
- ^ 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. ISSN 1517-7580.
- ^ Heiss, Renee (2007). Helping Kids Help: Organizing Successful Charitable Projects. Chicago Review Press. ISBN 978-1-56976-211-0.
- ^ a b c "Opinion: With Certain Words, Watch Your Mouth". The New York Times. 12 March 2006. Retrieved 28 October 2023.