Pareto efficiency, or Pareto optimality, is an economic state where resources cannot be reallocated to make one individual better off without making at least one individual worse off.
Dutch Auction: start on high price and then count down. Very fast auction process. Used on flower markets, fish markets. Good for markets with existend “fair price”
English Auction: start on low price and count up. Used for arts, jewelry, antiquariat.
Neo Classical Theory assumes perfect markets (analogy to aerodynamics in air-free space, like in the moon atmosphere). Homogenous good example - money, shares, (less) sugar.
Everething that involves formal and informal rules and our belief is an institution. Lecture ethic is an institution.
