Dutch auction 1994 auction IPO of Japan Tobacco was substantially larger (with proceeds more than double those of Singapore Telecom and triple those of Google), but this auction was discriminatory or pay-what-you-bid, not uniform price or "Dutch". SRECTrade.com uses a two-sided Dutch auction to trade Solar Renewable Energy Credits (SRECs). The introduction of the Dutch auction share repurchase in 1981 gives firms an alternative to the fixed price tender offer when executing a tender offer share repurchase. The first firm to use the Dutch auction was Todd Shipyards. A Dutch auction offer specifies a price range within which the shares are purchased.
Courage This idea relates back to Hobbes's idea that self-preservation is the most fundamental aspect of behavior. David Hume listed virtues into two categories in his work "A Treatise of Human Nature" as artificial virtues and natural virtues. Hume noted in the Treatise that courage is a natural virtue. In the Treatise's section "Of Pride and Humility, Their Objects and Causes", Hume clearly stated courage is a cause of pride: "Every valuable quality of the mind, whether of the imagination, judgment, memory or disposition; wit, good-sense, learning, courage, justice, integrity; all these are the cause of pride; and their opposites of