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The dollar auction is a two player Tullock auction, or a multiplayer game in which only the two highest bidders pay their bids. Another practical examples are the bidding fee auction and the penny raffle (pejoratively known as a "Chinese auction" [6]).
Each of the bids increases the price of the item by a small amount, such as one penny (0.01 USD, 1¢, or 0.01 GBP, 1p; hence the name of the auction), and extends the time of the auction by a few seconds. Bid prices vary by site and quantity purchased at a time, but generally cost 10–150 times the price of the bidding increment.
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]
Earlier this month, the "core" Consumer Price Index (CPI), which strips out the more volatile costs of food and gas, showed prices increased 3.3% in October for the third consecutive month.
The generalized second-price auction (GSP) is a non-truthful auction mechanism for multiple items. Each bidder places a bid. The highest bidder gets the first slot, the second-highest, the second slot and so on, but the highest bidder pays the price bid by the second-highest bidder, the second-highest pays the price bid by the third-highest, and so on.
Collectors Weekly is an online resource for people interested in antiques, collectibles, and vintage items. The site pairs live auctions with original content, which ranges from encyclopedic essays to multi-sourced articles that aim to illuminate the cultural history of objects.
Online auctions often use an equivalent version of Vickrey's second-price auction wherein bidders provide proxy bids for items. A proxy bid is an amount an individual values some item at. The online auction house will bid up the price of the item until the proxy bid for the winner is at the top.
In mathematics, the Mittag-Leffler functions are a family of special functions. They are complex-valued functions of a complex argument z , and moreover depend on one or two complex parameters. The one-parameter Mittag-Leffler function , introduced by Gösta Mittag-Leffler in 1903, [ 1 ] [ 2 ] can be defined by the Maclaurin series