Private goods defined

In the DOE environment, the term lesson learned is defined as a good work practice or innovative approach that is captured and shared to promote application. It may also be an adverse work practice or experience that is captured and shared to avoid recurrence. This term is used by DOE and other federal and private-sector institutions, to describe the following ... 

In a direct mechanism, the auctioneer announces how the goods will be allocated and the payments set as a function of the private information reported by the bidders. It remains then for the bidders to report (not necessarily truthfully) their private information. Once the reports are made, the auctioneer applies the announced function and the resulting allocations made and payments executed. One can think of a direct mechanism as being a sealed bid auction, but with the bids being complex enough to communicate the private information of the agents. If the direct mechanism has the property that it is in the bidders interests, suitably defined, to report their private information truthfully, call it a direct revelation mechanism. 

Consumer goods are defined for the purposes of Section 10, as any goods which are ordinarily intended for private use or consumption , but exclude a number of products, such as motor vehicles and aircraft, food, water, gas, drugs and (of course) tobacco. 

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