Examlex
Identify some of the salient features of voting as a method of determining the majority preference.
Vickrey Auction
An auction in which bids are submitted secretly, with the item being awarded to the top bidder who then pays the amount bid by the second-highest bidder.
Willingness To Pay
The maximum amount an individual is prepared to spend to procure a good or service, reflecting the value they place on it.
Expected Revenue
The total amount of money anticipated to be received for goods or services sold, calculated over a specific period.
Probability
A measure of the likelihood that a particular event will occur.
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