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  2. Online auction - Wikipedia

    en.wikipedia.org/wiki/Online_auction

    The largest consumer-to-consumer online auction site is eBay, which researchers suggest is popular because it is a convenient, efficient, and effective method for buying and selling goods. [ 6 ] Despite the benefits of online auctions, the anonymity of the internet, the large market, and the ease of access makes online auction fraud easier than ...

  3. Bidding - Wikipedia

    en.wikipedia.org/wiki/Bidding

    If someone else has placed a bid that is higher than the maximum bid, the will be notified, allowing he to change the maximum bid and stay in the auction. At the end of the auction, whoever's maximum bid is the most wins the lot. Live bidding is a traditional room-based auction.

  4. eBay - Wikipedia

    en.wikipedia.org/wiki/EBay

    eBay was founded as AuctionWeb in California on September 3, 1995, by French-born Iranian-American computer programmer Pierre Omidyar as a hobby to make some extra money. [2] One of the first items sold on AuctionWeb was a broken laser pointer for $14.83. Astonished, Omidyar contacted the winning bidder to ask if he understood that the laser ...

  5. Auction - Wikipedia

    en.wikipedia.org/wiki/Auction

    Absentee bids – this is when a prospective buyer places a bid on an item without attending the sale. This is sometimes referred to instead as a commission bid because the auctioneer is effectively commissioned to enter bids on the potential buyer's behalf. The bid is submitted prior to the auction by whatever means the auctioneer has stipulated.

  6. Invitation to treat - Wikipedia

    en.wikipedia.org/wiki/Invitation_to_treat

    Section 57(2) provides: "A sale by auction is complete when the auctioneer announces its completion by the fall of the hammer, or in other customary manner. Until the announcement is made any bidder may retract his bid." S. 57(3) provides further: "An auction sale may be subject to a reserve price".

  7. Auction sniping - Wikipedia

    en.wikipedia.org/wiki/Auction_sniping

    Auction sniping (also called bid sniping) is the practice, in a timed online auction, of placing a bid likely to exceed the current highest bid (which may be hidden) as late as possible—usually seconds before the end of the auction—giving other bidders no time to outbid the sniper.

  8. First-price sealed-bid auction - Wikipedia

    en.wikipedia.org/wiki/First-price_sealed-bid_auction

    A first-price sealed-bid auction (FPSBA) is a common type of auction. It is also known as blind auction. [1] In this type of auction, all bidders simultaneously submit sealed bids so that no bidder knows the bid of any other participant. The highest bidder pays the price that was submitted. [2]: p2 [3]

  9. Customer to customer - Wikipedia

    en.wikipedia.org/wiki/Customer_to_customer

    This facilitates easy exploration for buyers and enables the sellers to immediately list an item for sale within minutes of registering. [7] When an item is listed on a C2C site, a nonrefundable insertion fee is charged based on the seller's opening bid on the item. Once the auction is completed, a final value fee is charged.