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Possible Answers:
SALE.
Last seen on: Eugene Sheffer – King Feature Syndicate Crossword Answers – May 30 2023
Random information on the term “Auction”:
In economics and game theory, an all-pay auction is an auction in which every bidder must pay regardless of whether they win the prize, which is awarded to the highest bidder as in a conventional auction. As shown by Riley and Samuelson (1981), equilibrium bidding in an all pay auction with private information is revenue equivalent to bidding in a sealed high bid or open ascending price auction.
In the simplest version, there is complete information. The Nash equilibrium is such that each bidder plays a mixed strategy and expected pay-offs are zero. The seller’s expected revenue is equal to the value of the prize. However, some economic experiments and studies have shown that over-bidding is common. That is, the seller’s revenue frequently exceeds that of the value of the prize, in hopes of securing the winning bid. In repeated games even bidders that win the prize frequently will most likely take a loss in the long run.
The all-pay auction with complete information does not have a Nash equilibrium in pure strategies, but does have a Nash equilibrium in mixed-strategies.
Random information on the term “SALE”:
The Bank of China (BOC; Chinese: 中国银行; pinyin: Zhōngguó Yínháng) is a Chinese majority state-owned commercial bank headquartered in Beijing and the fourth largest bank in the world.
The Bank of China was founded in 1912 by the Republican government as China’s central bank, replacing the Qing Dynasty’s Ta-Ching Government Bank. It has been the second oldest bank in China still in existence after the Bank of Communications, founded in 1908. From its establishment until 1942, it issued banknotes on behalf of the Government along with the “Big Four” banks of the period: the Farmers Bank of China, Bank of Communications and Central Bank of the Republic of China. After the People’s Republic was established in 1949, it has become a national commercial and foreign exchange professional bank. Its original central bank designation was carried on by the newly formed People’s Bank of China.
As of 31 December 2019, it was the second-largest lender in China overall and ninth-largest bank in the world by market capitalization value, and it is considered a systemically important bank by the Financial Stability Board. As of the end of 2020, it was the fourth-largest bank in the world in terms of total assets, ranked after the other three Chinese banks.