Examlex
The scientific explanation for the diversity seen in nature is
Dutch Auction
An auction mechanism where the price starts high and decreases until a bidder accepts the price, securing the sale.
Rational Bidders
Individuals who participate in auctions or bidding processes and make decisions based on maximizing their utility.
Common-Value Auction
In a common-value auction, all bidders have the same valuation for the auctioned item, but they may have different information about the item's actual value.
Private-Value Auction
An auction in which the value of the item being bid on is subjective and differs for each bidder, based on their private evaluation.
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