Herodotus reports the use of auctions as early as 500 BC in Babylon (see Cassady, 1967, pp. 26–40 for references to this and the following historical notes). The Romans made extensive use of auctions in commerce and the Roman emperors Caligula and Aurelius auctioned royal furniture and heirlooms to pay debts. Roman military expeditions were accompanied by traders who bid for the spoils of war auctioned sub hasta (under the spear) by soldiers. In AD 193 the Praetorian Guard seized the crown from the emperor Pertinax and auctioned it to the highest bidder, Didius, who, upon paying each guardsman the winning bid, 6250 drachmas, was declared emperor of Rome. It would appear that the Romans used the ‘English’ progressive method of auctioning, since the word auction is derived from the Latin root auctus (an increase).
KeywordsPetroleum Assure Nash
Unable to display preview. Download preview PDF.
- Amihud, Y. (ed.) 1976. Bidding and Auctioning for Procurement and Allocation. New York: New York University Press.Google Scholar
- Arthur, H. 1976. The structure and use of auctions. In Amihud (1976).Google Scholar
- Cassady, R. 1967. Auctions and Auctioneering. Berkeley: University of California Press.Google Scholar
- Cox, J., Roberson, B. and Smith, V. 1982. Theory and behavior of single unit auctions. In Research in Experimental Economics, Vol. 2, Greenwich, Conn.: JAI Press.Google Scholar
- Jarecki, H. 1976. Bullion dealing, commodity exchange trading and the London gold fixing. In Amihud(1976).Google Scholar
- Kagel, J., Levin, J., Battalio, R. and Meyer, D. 1983. Common value auctions: some initial experimental results. University of Houston Working Paper, November.Google Scholar
- Vickrey, W. 1962. Auctions and bidding games. In Recent Advances in Game Theory, Proceedings of a Conference, Princeton: Princeton University Press.Google Scholar
- Vickrey, W. 1976. Auctions, markets and optimal allocation. In Amihud (1976).Google Scholar