Appendix: Auctions are used in place of markets when the items traded are unique (e.g.,a Ming vase or a right to drill for oil).Which of the following examples are typically sold using Vickrey auction methods?
A) For-sale-by-owner houses
B) Household furnishings
C) Items sold in Filene's Basement,with the price discounted after a certain date
D) Vintage postage stamps

Question

Quizplus · Accepted Answer

Vickrey auctions are commonly used for selling items that are unique and have uncertain values, such as vintage postage stamps. They are not typically used for selling items that are more standardized, like houses, furnishings, or items sold in a department store with discount pricing.

Appendix: Auctions Are Used in Place of Markets When the Items