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Chinese auction is a type of the all-pay auction, where the probability of winning depends on the relative size of a participant's bid. [1] The choice of the winner is done by a lottery, whereby the bidders compete for a higher chance of winning. [1] It is also known as penny raffle, chance auction and tricky tray. [2] [3]
The Chinese auction selects a winner partially based on randomness. ... The silent auction is a variant of the English auction in which bids are written on a sheet of ...
The most straightforward form of an all-pay auction is a Tullock auction, sometimes called a Tullock lottery after Gordon Tullock, in which everyone submits a bid but both the losers and the winners pay their submitted bids. [5] This is instrumental in describing certain ideas in public choice economics. [citation needed]
Dutch auctions are all sellers' bidding auctions, also known as silent auctions, which can be divided into two types. Manual silent auction is an early traditional form of price reduction auction, in which the auctioneer first publicly quotes the highest price, and then the bidders respond accordingly. In the event of a price that no one bids ...
It should only contain pages that are All-pay auction or lists of All-pay auction, as well as subcategories containing those things (themselves set categories). Topics about All-pay auction in general should be placed in relevant topic categories .
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]
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China Guardian Auctions Co. Ltd., or simply China Guardian (Chinese: 中国嘉德), is a mainland Chinese auction house that specialises in the auction of Chinese artwork of all types. [1] [2] [3] It is particularly known for its sale of Chinese calligraphy and ink paintings. [4] [5]