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In auctions, the buyer's premium is a charge in addition to the hammer price (i.e. the winning bid announced) of an auction item, or lot. The winning bidder is required to pay both the hammer price and the percentage of that price called for by the buyer's premium.
However, online auction sites, unlike live auctions, usually have an automatic bidding system which allows a bidder to enter their maximum acceptable bid. This is a hidden or proxy bid, known to the system, but not any other bidders; during the auction the actual bid is incremented only enough to beat the existing highest bid. For example, if ...
PlayerAuctions started in November 1999 as an auction hosting platform for MMORPG players interested in digital asset trading. The buying and selling of in-game assets such as virtual currency is also a practice known as "real money trading" or RMT. On 1 April 2004, the site was purchased by IGE. In July 2007, PlayerAuctions was taken over by ...
World of Warcraft: Cataclysm is the third expansion set for the massively multiplayer online role-playing game (MMORPG) World of Warcraft, following Wrath of the Lich King. It was officially announced at BlizzCon on August 21, 2009, although dataminers and researchers discovered details before it was announced by Blizzard. [ 2 ]
In contrast, if the seller does not announce the reserve price before the sale, it is a secret reserve price auction. [64] However, potential bidders may be able to deduce an approximate reserve price, if one exists at all, from any estimate given in advance by the auction house. The reserve price may be fixed or discretionary. In the latter ...
After the Cataclysm author ended the development around 2012, the game's community forked the game into a new repository called Cataclysm: Dark Days Ahead in early 2013. In June 2013, a successful crowdfunding on Kickstarter [12] raised $9,492 (beyond the $7,000 goal) for the payment of a full-time developer for 3.5 months. View with graphical ...
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.
If no bidder accepts the starting price, the auctioneer either begins to lower the starting price in increments, or bidders are allowed to bid prices lower than the starting price, or the item is not sold at all, according to the wishes of the seller or protocols of the auction house. The English auction is different from other auction systems ...