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Auction theory and relevance theme
Price is in markets determined through the residual bargaining strength between buyers and sellers. This is common because the medium of auction connects between the highest bidder and lowest bidder as defined to be buyers and sellers respectively. Generally,We are concerned with a distinctness supply and demand market which could not be viewed with respect to the auction theory. Our covid 19 pandemic situation depends upon this auction theory where Nobel laureate depicts this situation by market design not only through supply market but also in demand market. Our common value is the crisis of supply market and private value is the utility of demand market.Buyers and sellers are the auctioneers themselves to satisfy the aggregate demand. Ronjon Handique 18:35, 17 January 2021 (UTC) — Preceding unsigned comment added by Rahq09 (talk • contribs)