International Auction

Event description: Your experience, style, and your competitive nature - a blend of all, is what we need from you. 2 rounds is all you get to protect your side and move through the game. May the best player win! See you on the battlefield!

Team Size:  ​2

Prize Fund: Rs. 8000

Registration Fee:

Early Bird: Rs. 100

Standard: Rs. 150

Early bird registration ends on: 15th February 2021

 

Last date for registration: 24th March 2021

Number of Rounds: 2

Rules and Regulations:

  • The team members must be in personal communication with each other at all times during the auction in any way they want (maybe on a phone call).

  • The login details will be shared with the team members via email soon.

  • All team members must log in for the event at the given time. Any delay might lead to disqualification.

  • It is mandatory for all the team members to keep their videos on during the entire event.

  • If any team member has any internet issue and is unable to join the other member should inform the host immediately. If any of the participants leave the meeting. The other team member must inform the host, and the left member must be back by the next 2 biddings otherwise it might lead to disqualification.

  • No kind of verbal abuse or misconduct will be tolerated during the events. It may lead to immediate disqualification.

First Round:

  • Teams will be randomly divided (depending upon the number of registrations) and the same event will happen for all groups.

  • All teams selected equally from the different groups (depending on the number of registrations) only will qualify for the final round.

  • There will be a total of 10 distinct products.

  • Each of these products will have its own value. The value of each product will be shared during the event and will range from 10,20,30…..100.

  • Each team will be given a virtual money amount of $2000 which they will have to use to place bids.

  • The team members must choose one person to call the bids. This is to avoid commotion and confusion. The teams must submit the names of the person who will be calling the bids prior to the event. The other person can do the trading via private chat. (If both members of the team call a bid, they will receive one warning after which we will deduct $100 as a penalty).

  • One should learn to play smart in any commercial or economic setting. They must know the importance of optimally utilizing their resources. Maximum results with minimum input. So this auction event is not like any IPL auction where the highest bidder gets the product. During a round, whatever amount any team will bid will get deducted from their total on a cumulative basis regardless they get the product or not. (Suppose Team A bids $10, then Team B bids $30, then Team A again bids $50, but then Team C bids $80 and takes away the product. Here, regardless A and B didn’t get the product, $60 and $30 will be deducted from their total respectively. Also, $80 will be deducted from C since they bought the product for that amount).

  • You cannot back out after placing a bid. So bid smartly.

  • Before placing the bid the team has to mention their team number.

  • Teams can trade products with each other via private chat during the event. They can buy products from some other team in exchange for an amount of money, exchange products, or a combination of both. They can make a deal and let the moderator know about the trade after a round ends. Trading will not be allowed after the last product is up for auction. So right after the 9th product is sold that is your last chance to tell the moderator about any deals.

  • At the end of the event, the team with the ‘highest value’ of products will win the game. In case 2 or more teams have the same value, then we will look at the amount left with the teams.

  • After every two rounds, the remaining amounts of all the teams will be displayed so they can check and bid accordingly.

  • If two teams bid at the same time it's up to the host to choose who gets the product/call.

Final Round:

This auction event will be similar to how countries bid to host the Olympics.

  • This event will take place between the top 6-8 teams who have qualified after the 1st round.

  •  There will be 6-10 distinct products with individual values for teams to bid for.

  • Each team will be given $1500-2000.

  • Teams will only get to bid once and their bidding amount will not be disclosed to the other teams. They will have to send in their bidding amount to the moderator privately via chat

  •  The moderator will wait for 90-100secs for people to place their bid.

  • Teams will have to analyze and make decisions for their bids with respect to how other teams are playing and reacting. This is based on the concept of ‘Game Theory’.

  • For each product, the highest bidder will get that particular product.

  •  Teams must mention their team number when placing their bid via private chat to the host.

  •  The teams are also allowed to trade similar to the 1st round.

  • Teams must choose one person for the bidding and the other person to make trades.

 All other general rules as in the 1st round remain the same.

Contact for Clarification:

Name: Akshat Goenka

Email: akshat.goenka@flame.edu.in

Number: +91 8240855812