The aim of this thesis is to evaluate the auction issue with regard to property in the Czech Republic in terms of particular legislation, but also economic aspects. This theme I have chosen deliberately, because I had a bachelor's thesis on the topic The method of the extorting of the debts in the business legal relations and the success of its using in the practice. Public auction, which is the main chapter of this thesis is a key means of recovery. Legislation auctions is basically divided into two ways by which the auction is carried out, under a law on public auctions and by the Code of Civil Procedure. My task is to explain various aspects of all of the auctions, describe, evaluate their advantages, but also to point out shortcomings. The practical outcome is to analyze and evaluate selected voluntary and involuntary auction and also to consider the possibility of suggestions to improve the auction issue.

El presente trabajo de investigación trata de una mejora y ampliación de operaciones para el otorgamiento de créditos a clientes o potenciales clientes de instituciones financieras que deseen adquirir bienes inmuebles objeto de un remate judicial, que a la fecha no se contemplan como una posibilidad viable de financiamiento y que lleve a ampliar el abanico de colocaciones sino a atender a esas personas que buscan adquirir inmuebles en subasta judicial cuyo valor de adquisición es muy inferior al valor comercial del mercado. En este contexto, hemos dividido nuestro trabajo de tesis en cuatro capítulos, en cuyo capítulo I, analizamos las razones por las que es interesante adquirir un bien objeto de remate, explicando las razones por las instituciones financieras no financian la adquisición de bienes inmuebles objeto de un remate judicial, estableciendo las pautas generales de lo que importa en un proceso judicial, un acto de ejecución judicial vía remate, lo que señala la legislación comparada sobre el particular, no obstante que podemos señalar sin duda a equivocarnos que es una propuesta novedosa, en el capítulo II, hacemos referencia a los materiales y la metodología, explicando que importa en un remate judicial y resaltando en este punto la entrevista realizada a personas conocedoras del tema, en el capítulo III los tiempos, como debe realizarse el financiamiento para la minimizar los riegos y finalmente en el capítulo IV donde cerramos nuestra tesis con la conclusiones y recomendaciones, que indudablemente son congruentes con lo que sostenemos en presente trabajo y confirmación nuestra propuesta. / This research work is an improvement and extension of operations for the granting of credits to clients or potential clients of financial institutions that wish to acquire real estate object of a judicial auction, which to date are not contemplate as a viable possibility of financing and that it leads to broaden the range of placements but to serve those people who seeks to acquire real estate in judicial auction whose acquisition value is much less than commercial value of the market. In this context, we have divided our thesis work into four chapters, in chapter I, we analyze the reasons why it is important to acquire a good object of auction, explaining the reasons why financial institutions do not finance the acquisition of real estate object of a judicial auction, establishing the general guidelines of what matters in a judicial process, an act of judicial execution via auction, which indicates the legislation compared to the particular, however we can clearly point out that it is a novel proposal, in chapter II, we refer to materials and methodology, explaining that matters in a judicial auction and highlighting at this point the interview with people who are knowledgeable about the topic, in chapter III the times, as the financing should be made for minimizing irrigation and finally in chapter IV where we close our thesis with the conclusions and recommendations, which are undoubtedly congruent with what we hold in this work and confirm our proposal. / Trabajo de investigación

Auctions have always been an important transaction tool for objects that requires an individual pricing, such as properties, antiquities, art, cars, jewellery and so on. However, few commercial property markets are employing this market making function with the consequence of more illiquid market segments. Previous research has focused on whether or not providing information signals about the object is beneficial to the seller or not from a theoretical point of view. Therefore, this report aims at empirically assess how provided valuation information affects the sale-outcome of commercial real estates. This study examines the quality of the sellers’ and auctioneer’s announced valuation signal to the bidders by utilizing conventional econometric hedonic models, where the dependent variables are factors determining the success of the auction and based on a dataset including guide-prices and an investment grade for each object. The result is that the sale probability increases and price settles closer to the ex-ante valuation for objects with a low signalled risk (low guide price yield) and a high grade (A). There is a strong correlation between guide price yields and initial transaction yields, i.e. bidders’ risk/reward assessment follows that of which is signalled from the sell side. Furthermore, the transaction yields are more inelastic than the guide price yields, i.e. this happens at less than a 1:1 proportional rate increase. This indicates that guide prices not optimally reflect the bidders’ valuation. Furthermore, the bidders do take external factors into account when assessing whether or not to make a bid. In general bidders tend to prefer low yielding buildings with a high investment grade.

Auction systems have been around for a long time now, and they are proving to be a good support instrument to promote renewable energy technologies in most parts of the world. The key feature of an auction is its design flexibility, real price discovery through competition, transparency and greater certainty for investors and policymakers to achieve high-level targets.  This thesis uses specific design elements and assessment criteria for auction systems, set out in the literature, to perform a comparative analysis of the design elements of offshore wind auctions in the UK and the Netherlands to identify best practices in auctions that promote the development of offshore wind and provide recommendations to policymakers based on previous experiences in both countries.  The analyses show that strict selection criteria and penalties help improve effectiveness and static efficiency. Seal-bid auctions with multiple rounds and fixed schedules help to reduce uncertainty for investors. Financial prequalification in the form of seabed leases ensures that developers are serious about the project and improves realization rates. Physical prequalification should be set focusing on improving the supply chain in the region, socio-political feasibility, actor diversity, etc. However, it is advisable to exclude the EIA and grid connection from the scope of the developer as it helps reduce planning risks. It is important to have ceiling prices in offshore wind auctions, but a detailed study of the technological development and market condition needs to be assessed to set the right value and have it undisclosed for better competition. Separate budgets can be set for offshore wind auctions rather than have it based on capacity or electricity generation. This helps with better planning for the auctions. Support mechanisms should be designed to ensure that generators and consumers are benefited from them. Finally, a realization period should be set for projects to ensure they are aligned with national policy targets.

Financial markets use auctions to provide accurate liquidity snapshots for traded instruments. Combination orders, such as time spreads require the atomic trading of more than one security contract. In order to auction such complex order types, a new design, which considers all contingent instruments simultaneously, is required. This work develops an optimization model and a software implementation of the dualsided multi-unit combinatorial auction problem. The optimization objective is finding an equilibrium price vector and a winner selection such that the auction turnover is maximized. The auction requirements are modeled as a discrete optimization problem, suitable for standard integer programming solvers. The model’s correctness and tractability are tested using synthetically generated orders as well as real market data. Test results with both synthetic and authentic orders produced equilibrium prices within 3% of the expected instrument valuations, using closing prices as a benchmark, indicating high accuracy of the solutions. The use of combinatorial auctions exposes greater liquidity and overall turnover, both valuable to exchanges that receive large numbers of combination orders.

Financial markets use complex computer trading systems whose failures can cause serious economic damage, making reliability a major concern. Automated random testing has been shown to be useful in finding defects in these systems, but its inherent test oracle problem (automatic generation of the expected system output) is a drawback that has typically prevented its application on a larger scale. Two main tasks have been carried out in this thesis as a solution to the test oracle problem. First, an independent model of a real trading system based on constraint programming, a method for solving combinatorial problems, has been created. Then, the model has been integrated as a true test oracle in automated random tests. The test oracle maintains the expected state of an order book throughout a sequence of random trade order actions, and provides the expected output of every auction triggered in the order book by generating a corresponding constraint program that is solved with the aid of a constraint programming system. Constraint programming has allowed the development of an inexpensive, yet reliable test oracle. In 500 random test cases, the test oracle has detected two system failures. These failures correspond to defects that had been present for several years without being discovered neither by less complete oracles nor by the application of more systematic testing approaches. The main contributions of this thesis are: (1) empirical evidence of both the suitability of applying constraint programming to solve the test oracle problem and the effectiveness of true test oracles in random testing, and (2) a first attempt, as far as the author is aware, to model a non-theoretical continuous double auction using constraint programming. / Winner of the Swedish AI Society's prize for the best AI Master's Thesis 2010.

The growth of business-to-business auctions presents the quality-focused business organization with many opportunities and some serious challenges. In this context, the absence of a well-designed organizational e-business auction-based strategy has the potential to promote business practices which may erode organizational quality gains. This article presents a conceptual open system approach designed to improve the quality focus of business-to-business auctions practices. The open system approach advocated in this article is quality focused and supply-chain sensitive.

The explosive growth of Online Social Networks (OSNs) over the past few years has redefined the way people interact with existing friends and especially make new friends. OSNs have also become a great new marketplace for trade among the users. However, the associated privacy risks make users vulnerable to severe privacy threats. In this dissertation, we design protocols for private distributed social proximity matching and a private distributed auction based marketplace framework for OSNs. In particular, an OSN user looks for matching profile attributes when trying to broaden his/her social circle. However, revealing private attributes is a potential privacy threat. Distributed private profile matching in OSNs mainly involves using cryptographic tools to compute profile attributes matching privately such that no participating user knows more than the common profile attributes. In this work, we define a new asymmetric distributed social proximity measure between two users in an OSN by taking into account the weighted profile attributes (communities) of the users and that of their friends’. For users with different privacy requirements, we design three private proximity matching protocols with increasing privacy levels. Our protocol with highest privacy level ensures that each user’s proximity threshold is satisfied before revealing any matching information. The use of e-commerce has exploded in the last decade along with the associated security and privacy risks. Frequent security breaches in the e-commerce service providers’ centralized servers compromise consumers’ sensitive private and financial information. Besides, a consumer’s purchase history stored in those servers can be used to reconstruct the consumer’s profile and for a variety of other privacy intrusive purposes like directed marketing. To this end, we propose a secure and private distributed auction framework called SPA, based on decentralized online social networks (DOSNs) for the first time in the literature. The participants in SPA require no trust among each other, trade anonymously, and the security and privacy of the auction is guaranteed. The efficiency, in terms of communication and computation, of proposed private auction protocol is at least an order of magnitude better than existing distributed private auction protocols and is suitable for marketplace with large number of participants.

Following work intends to investigate the revaluation of impressionist Berthe Moriot’s art throughout the years, and what has played a part in both the forgetting and remembering of Morisot. Thus, this master thesis will also explore how the gender of the artist can affect the price development and value of the art, and will therefore compare Morisot to her peers. In addition to contributing to the literature by examining the importance of gender and auction prices, it appears that this study will be the first to examine the sales statistics of Berthe Morisot’s paintings in a comparison with the male impressionists in any depth. The results show that Morisot in comparison with her male peers generally sells less alsters to lower prices. The results also show that Morsiot’s price development has increased more in the last few decades than the impressionistic men, with exception for Claude Monet. Furthermore, the results show that Morisot’s fall and then later rise, is a reflection of the societal views on the female artist, and identified the importance of acknowledgement and visibility of female artists which proved to be an essential determining factor for prices.

Till följd av att större delen av alla nyproducerade bostadsrätter i Stockholms kommun idag säljs till fasta priser är det intressant att undersöka och ta reda på varför inte fler bostadsproducenter använder sig av budgivning som försäljningsstrategi. Hur dessa fasta priser fastställs av bostadsproducenterna och vad som ligger till grund för den bedömningen, är även det en intressant aspekt.  Information som ligger till grund för de teoretiska utgångspunkterna har inhämtats genom en grundlig litteraturstudie. Resultatet bygger på ett par kvalitativa intervjuer för att ta reda på vilka parametrar som spelar in vid val av försäljningsstrategi och prissättning. Urvalet av intervjukandidater har noga övervägts och landade i en aktör som använder sig av ett budgivningsförfarande och en aktör som använder sig av fast pris som försäljningsstrategi, för att på bästa sätt kunna ställa dessa metoder mot varandra.  Analysen visar bland annat att storleken på projektet, vilka finansieringsalternativ som är möjliga, inställningen och egenskaperna hos bostadsproducenterna och hur marknadsläget råder är avgörande för vilken strategi som används. Slutsatsen mynnar ut i att mycket handlar om finansieringsmässig trygghet och att det är en inställningsfråga hos bostadsproducenterna. Det finns därmed goda möjligheter att i större utsträckning använda sig av budgivning som försäljningsstrategi. Alternativt att kombinera de två olika metoderna, budgivning och fast pris, för att på så sätt nå maximal avkastning, vilket borde ligga i bostadsproducentens intresse. / Due to the fact that most new production of condominiums in the municipality of Stockholm today are sold at fixed prices, it is interesting to investigate and find out why not more real estate developers use bidding as a sales strategy. How these fixed prices are determined by the developers and the basis for that assessment. Information that underlies the theoretical starting points has been obtained through a thorough literature study. The result is based on a couple of qualitative interviews to find out which parameters are involved in choosing a specific sales strategy and pricing. The selection of interview candidates has been carefully considered and landed in an actor using a bidding process and an actor using fixed price as a sales strategy. The analysis shows, among other things, that the size of the project, which financing options that are possible, the attitude of condominium developers and how the market situation prevails determines the strategy used. The conclusion is that the attitude among the real estate developers plays a big role, and there are good opportunities to make more use of bidding as a sales strategy. Alternatively, combine the two different methods, bidding and fixed price, in order to achieve maximum return.