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An online auction (also electronic auction, e-auction, virtual auction, or eAuction) is an auction held over the internet and accessed by internet connected devices. [ 1 ] [ 2 ] [ 3 ] Similar to in-person auctions, online auctions come in a variety of types , with different bidding and selling rules.
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Bidders are generally able to place multiple bids and the number of current bids at each amount is typically kept secret. There are two major variants of unique bid auctions: In a highest unique bid auction, the bid that is the highest and unmatched when the auction closes is the winning bid. A maximum bid value is usually set at a much lower ...
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