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Tsukiji Fish Market

https://www.youtube.com/watch?v=OQzzl-9CZbI

 

The Tsukiji fish market, located in Tokyo, Japan is one of the biggest wholesale fish and seafood market in the world. The Tsukiji fish market is a major tourist attraction for both domestic and overseas tourists, and one of the most exciting things that happen is the auction. Before the auctions happen the products arrive at the auction house and they estimate the value of the fish to prepare for the auction. The buyers can also inspect the fish to see whether or not they would want to bid or decide how much they want to bid.

 

The auction at the Tsukiji fish market is first-price auctions. Meaning that the item goes to the buyer with the highest bidding value. The optimal way to bid in a first-price auction is to bid a value lower than the bidder’s true value so that if the bidder wins, he will get a positive payoff. Determining how much to lower one’s bid from the true value depends on external factors such as the number of bidders. 

 

Tsukiji market is also known for having a unique auctions style in which the seller rings a bell and conducts the auction. Hand signals are also used frequently to make the process go smoothly. 

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