Week 6 Assignment - Auctions and Dynamic Pricing

Week 6 - Assignment Preparation for Week 7

The assignment, Case Study: Auctions and Dynamic Pricing, is due in Week 7.

For this assignment, you will answer the questions in the Case Study: Auctions and Dynamic Pricing assignment instructions. You will also be asked to refer to the video below and to provide at least three academic or high-quality business publications in your assignment submission.

The following is a great resource for additional research to complete your assignment, see Chapters 11 and 12.

For your convenience, the following resource is provided by the Strayer Library at no cost. Links to the online library resources are also available in Canvas via the Course Information page. You may also search by title in the online  Strayer Library .

· McAfee, R. P. (2009).  Competitive Solutions?: The Strategist's Toolkit . Princeton University Press.

If you need guidance in your research for this assignment, access the  Strayer University Library ECO550 Library Guide .

For parts of this assignment, you will want to draw upon the concepts and skills of elasticity, price determination, and other topics from the Problem Sets in Weeks 4 and 6 to inform your development of this assignment submission.

Overview

Dynamic pricing is a collection of pricing strategies used by firms and organizations to enhance profits. You will begin by exploring pricing techniques that operate in the market in real time. Then you will explore how auctions are employed in the search to find the value of goods and services.

The following is a great resource for additional research to complete your assignment, see Chapters 11 and 12.

For your convenience, the following resource is provided by the Strayer Library at no cost. Links to the online library resources are also available in Canvas via the Course Information page. You may also search by title in the online  Strayer Library .

· McAfee, R. P. (2009).  Competitive Solutions: The Strategist's Toolkit . Princeton University Press.

Instructions

Write a 5-7 page paper in which you:

1. Compare and contrast surge versus congestion pricing. Provide a specific example of each currently in use.

2. There are many types of auctions, each with strengths and weaknesses in uncovering the real price/value of an item. Compare and contrast how each of the following uncovers value  and provide a specific example of how each uncovers value:

· The English auction and the Dutch auction.

· The sealed-bid first-price auction and the Vickery Auction.

3. Auctions are widely used. Analyze an actual auction employed by each of the following:

· A state or federal government or an agency of a state or federal government.

· A for-profit business.

· For each, explain what type of auction is employed and how the auction solves the problem of finding the best price for the good or service.

4. Read the  Letter from Senator Warren to Fed on Wells Fargo FHC StatusLinks to an external site. [PDF].

· Explain how an auction to sell the Wells Fargo consumer-facing banking division might be used to determine the value of the division.

· Include a recommendation on what type of auction might be used.

5. Use five sources to support your writing, and include a minimum of three quality resources. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment.

This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the  Library site  for all support. Check with your professor for any additional instructions.