Auction Theory & Revenue Equivalence Theorem on Fine Art
Discuss the application of auction theory principles to the design of sales for Fine Art. Particular attention must be paid to the implications that can be drawn for your auction’s design in relation to the Revenue Equivalence Theorem (RET). The assumptions and conditions stipulated within the RET need to be related to the nature of the relevant market (for your good), so as to maximise the profit for the hypothetical seller of your specific good.
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