Examlex
Why do people conform?
Low-value Bidders
Participants in an auction or competitive process who offer significantly lower bids compared to others.
Bid-rigging Cartel
A group of firms that illegally coordinate their bids to control market prices and eliminate competition in auctions or tender processes.
Winning Bid
The highest offer made in an auction that secures the purchase of the item or service.
Bidders Values
The subjective valuations that individual bidders assign to the item being auctioned.
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