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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.
Here's how to buy furniture at an auction. Whether you’re shopping in-person or online, arrive armed with tips and tricks. Here's how to buy furniture at an auction.
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 ...
Timed bidding auctions allow users to bid at any time during a defined time period, simply by entering a maximum bid. Timed auctions take place without an auctioneer calling the sale, so bidders don't have to wait for a lot to be called. This means that a bidder doesn't have to keep his eye on a live auction at a specific time.
In an English auction, all current bids are visible to all bidders and in a sealed-bid auction, bidders only get to know if their bid was the best. Best/not best auctions are sealed-bid auctions with multiple bids, where the bidders submit their prices like in English auction and get responses about the leadership of their bid. [74]
Real-time bidding (RTB) is a means by which advertising inventory is bought and sold on a per-impression basis, via instantaneous programmatic auction, similar to financial markets. With real-time bidding, online advertising buyers bid on an impression and, if the bid is won, the buyer's ad is instantly displayed on the publisher's site. [ 2 ]
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.
Therefore, the bidding is going to be more dynamic. If the bid decrement is high, the bidding steps must be optimally designed to obtain the best results. There might be no ‘‘‘extension‘‘‘ of the auction if a set time is being given. In the case of an extension, the auction elongates itself for a certain time if a supplier makes a bid.
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