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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]
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 ...
Auction theory is a branch of applied economics that deals with how bidders act in auctions and researches how the features of auctions incentivise predictable outcomes. Auction theory is a tool used to inform the design of real-world auctions. Sellers use auction theory to raise higher revenues while allowing buyers to procure at a lower cost.
The silent auction is a variant of the English auction in which bids are written on a sheet of paper. At the predetermined end of the auction, the highest listed bidder wins the item. [85] This auction is often used in charity events, with many items auctioned simultaneously and "closed" at a common finish time.
t. e. A Vickrey auction or sealed-bid second-price auction (SBSPA) is a type of sealed-bid auction. Bidders submit written bids without knowing the bid of the other people in the auction. The highest bidder wins but the price paid is the second-highest bid. This type of auction is strategically similar to an English auction and gives bidders an ...
An Auction Catalog. An auction catalog (US spelling) or auction catalogue (British spelling) is inventory of listing of items to be sold at an auction. It is made available some time before the auction date. Auction catalogs for rare and expensive items, such as art, books, jewelry, postage stamps, furniture, wine, cars, posters, published for ...
A combinatorial auction is a type of smart market in which participants can place bids on combinations of discrete heterogeneous items, or “packages”, rather than individual items or continuous quantities. These packages can be also called lots and the whole auction a multi-lot auction. [1] Combinatorial auctions are applicable when bidders ...
The auction chant is a repetition of two numbers at a time which indicate the monetary amount involved with the sale of an item. The first number is the amount of money which is currently being offered by a bidder for a given item. The second number is what the next bid needs to be in order to become the "high bidder", otherwise known as "the ...