Here are the rules for the auction.  Remember that it's supposed to be fun!

* These are extra-credit points that count in the same way as the
points you get on your PowerPoint.  So, if you got a perfect score on
your proposal, draft report, final report, and PowerPoint, and got (let's
say) 5.1 extra points due to the auction, then your score for 
Project 2 is 105.1%.

* These are truly extra-credit points--nobody's grade will go down if
they don't present.

* If you change your mind about presenting when your turn comes up, you may
pass on your turn.  This means that you will not get any extra credit points.

* Bidding will take place at the start of the class session, by having each
person tell the professor (quietly) what their bid is.

* If someone isn't present to bid, they will be assigned a bid using =rand()*10

* Bids should be for a rational number that Excel will understand between 
0 and 10, but no integers are allowed (I'm trying to avoid ties).  If there 
are ties, they will be broken by alphabetical order (last name).

* Presentations will start with the lowest bidder, and progress toward
the highest.  Each presenter gets 5 minutes plus 30 seconds for
questions.

* At the end of the class period, each person who presented will get
the number of points that the last presenter bid.  This is called the
"market clearing price"--look it up.

* The professor will not reveal any bids at the end, other than the final
market clearing price.

* People who don't present will not get any extra-credit points.

* You may collude with others all you like (e.g., all agree to bid a
certain amount).  However, remember that collusions are inherently
unstable--each person has an incentive to defect.

Fun, isn't it?
Prof. Ross