First, let's start with English auctions because these are the auctions that everybody really thinks about, when you think about auctions. You see people calling out bids, there's someone with a gavel and finally the bidding stops and they pound the gavel and say sold. Maybe in your mind you see an art auction, a high end art auction or something like that. In these kind of auctions, there's generally a minimum bid. That means the bidding starts not at zero, but at some price the auction house has already set. And there's often also a reserve price. So, the person selling it says, hey, if the price doesn't go up beyond a certain amount then I reserve the right to not sell it to that individual and to keep the item for myself. So, what are the advantages and kind of disadvantages of this type of auction. For sellers, buyers can become emotionally caught up in the moment and make really high bids. This happens in a couple of situations. It happens in a situation where people really really want the item, right? And the value of that item changes to them as they see the higher and higher bids, and in their mind they've really got to have it. It also happens sometimes in things like charity auctions. Where people just want to display their wealth and how successful they are, right? Hey, I want to show everybody that I can bid $5,000 for that particular item. Kind of these open displays of wealth. If you think, you're in that kind of situation, if you're a seller and you think your buyers might do that sort of thing, then an English auction has a lot of advantages. For buyers, there is the advantage that the winner doesn't pay their full private valuation. Think about this for just a second. The winning bidder doesn't bid all the way up to the maximum amount they're willing to pay. They just bid to beat the second highest bidder's bid. So, that leaves a little bit of room and sometimes particularly if they don't let their emotions get caught up too much in it, they can get the item for less than what they really would be willing to pay. Now, the disadvantages are really the mirror of the advantages. For sellers, winning bidders tend not to bid their full valuation, so you may be giving up a little bit of money there. For buyers, they really risk getting caught up in the emotional and the excitement of the competitive bidding. And that is a serious risk for buyers. It's such a serious risk that some people have coined the term, winner's curse. That means a lot of times in these auction environments, and English auctions being one of them. The person that wins is the one that most likely over value the item, right? So, they won sort of but they paid too much for it. You can think about companies buying other companies, signing sports free agents, investing in artwork. These are all situations where people can really get caught up in it and end up overpaying. Yeah they got it but they paid way too much money for it. So, if I just like you to take one thing away when you think about English auctions, is ask yourself how important are emotions likely to be in a bidding process. If emotions are not likely to be very important, maybe, English auction types are not the best for you. If you think emotions are going to be extremely important, an English auction might be the way to go.