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Calcutta Auction is an open auction held in conjunction with a golf tournament,[1] horse race or similar contest with multiple entrants. It is popular in backgammon and NCAA Basketball pools during March Madness.
Bidding for each contestant begins in random order, with only one contestant being bid upon at any time. Accordingly, participants (originally in Calcutta, India, from where this technique was first recorded by the Colonial British) bid among themselves to "buy" each of the contestants, with each contestant being assigned to the highest bidder. The contestant will then pay out to the owner a predetermined proportion of the pool depending on how it performs in the tournament. While variations in payoff schedules exist, in an NCAA Basketball tournament (64 teams, single elimination) the payoffs could resemble the following schedule: 1 win - 0.25%, 2 wins - 2%, 3 wins - 4%, 4 wins - 8%, 5 wins - 16%, tournament winner with 6 wins - 32%.
An interesting element of Calcutta auctions is in determining an appropriate wager for each contestant, as the payoff will directly hinge on the size of the pot and thereby the size of the bids being placed. Thus the value of each team fluctuates during the course of the betting. For example, even if a bidder knew the Tar Heels would be the tournament winner and thus pay out 32% of the pool, she would still be unsure of the exact value of the team (unless it was the last team being bid on) since the payout depends on the sum total of all winning bids, i.e. the final size of the pool.
This is similar to parimutuel betting, in that the winnings are awarded from the total pool of bets, but differs in that only one player can bet on any one contestant. However, a player may purchase as many contestants as they desire.
One variation that has grown as the Calcutta Auction is used more in conjunction with March Madness involves bidding on teams in the reverse order of their seeds instead of random order. As bidding evolves, this aides bidders in estimating the final pot size since the heavily favored teams that command the highest bids are auctioned at the end, thereby limiting the risk on the larger bets.
Within Wikipedia, notability is an inclusion criterion based on encyclopedic suitability of a topic for a Wikipedia article. The topic of an article should be notable, or "worthy of notice". Notability is distinct from "fame", "importance", or "popularity", although these may positively correlate with it. A topic is presumed to be sufficiently notable to merit an article if it meets the general notability guidelines below, or if it meets an accepted subject-specific standard listed in the table at the right. If an article currently does not cite reliable secondary sources, that does not necessarily mean that its topic is not notable.
These notability guidelines only pertain to the encyclopedic suitability of topics for articles but do not directly limit the content of articles. Relevant content policies include: Neutral point of view, Verifiability, No original research, What Wikipedia is not, and Biographies of living persons.
If a topic has received significant coverage in reliable sources that are independent of the subject, it is presumed to be notable.
"Presumed" means that substantive coverage in multiple independent reliable sources establishes a presumption, not a guarantee, of notability. Editors may reach a consensus that although a topic meets this criterion, it is not suitable for inclusion. For example, it may violate what Wikipedia is not.[1] "Significant coverage" means that sources address the subject directly in detail, and no original research is needed to extract the content. Significant coverage is more than trivial but may be less than exclusive.[2] "Reliable" means sources need editorial integrity to allow verifiable evaluation of notability, per the reliable source guideline. Sources may encompass published works in all forms and media. Availability of secondary sources covering the subject is a good test for notability.[3] "Sources,"[4] defined on Wikipedia as secondary sources, provide the most objective evidence of notability. The number and nature of reliable sources needed varies depending on the depth of coverage and quality of the sources. Multiple sources are generally preferred.[5] "Independent of the subject" excludes works produced by those affiliated with the subject including (but not limited to): self-publicity, advertising, self-published material by the subject, autobiographies, press releases, etc.[6] A topic for which this criterion is deemed to have been met by consensus, is usually worthy of notice, and satisfies one of the criteria for a stand-alone article in the encyclopedia. Verifiable facts and content not supported by multiple independent sources may be appropriate for inclusion within another article.
The common theme in the notability guidelines is the requirement for verifiable objective evidence to support a claim of notability. Substantial coverage in reliable sources constitutes such objective evidence, as do published peer recognition and the other factors listed in the subject specific guidelines.
Wikipedia is not a news source: it takes more than just a short burst of news reports about a single event or topic to constitute evidence of sufficient notability. The Wikimedia project Wikinews covers topics of present news coverage.
Although articles should demonstrate the notability of their topics, and articles on topics that do not meet this criteria are generally deleted, it is important to not just consider whether notability is established by the article, but whether it readily could be. When discussing whether to delete or merge an article due to non-notability, the discussion should focus not only on whether notability is established in the article, but on what the probability is that notability could be established. If it is likely that independent sources could be found for a topic, deletion due to lack of notability is inappropriate unless active effort has been made to find these sources. For articles of unclear notability, deletion should be a last resort.
If an article fails to cite sufficient sources to demonstrate the notability of its subject, look for sources yourself, or:
Ask the article's creator or an expert on the subject[7] for advice on where to look for sources. Put the {{notability}} tag on the article to alert other editors. To place a dated tag, put a {{subst:datednotability}} tag. If the article is about a specialized field, use the {{expert-subject}} tag with a specific WikiProject to attract editors knowledgeable about that field, who may have access to reliable sources not available online. If appropriate sources cannot be found, consider merging the article's content into a broader article providing context.[8] Otherwise, if deleting:[9]
If the article meets our criteria for speedy deletion, one can use a criterion-specific deletion tag listed on that page. Use the {{prod}} tag, for articles which do not meet the criteria for speedy deletion, but are uncontroversial deletion candidates. This allows the article to be deleted after five days if nobody objects. For more information, see Wikipedia:Proposed deletion. For cases where you are unsure about deletion or believe others might object, nominate the article for the articles for deletion process, where the merits will be debated and deliberated for 5 days.
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