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An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different types. The branch of economic theory dealing with ...
e. A reverse auction (also known as buyer-determined auction or procurement auction) is a type of auction in which the traditional roles of buyer and seller are reversed. [ 1] Thus, there is one buyer and many potential sellers. In an ordinary auction also known as a forward auction, buyers compete to obtain goods or services by offering ...
e. 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 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 ...
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]
e. Auction sniping (also called bid sniping) is the practice, in a timed online auction, of placing a bid likely to exceed the current highest bid (which may be hidden) as late as possible—usually seconds before the end of the auction—giving other bidders no time to outbid the sniper. This can be done either manually or by software on the ...
The auction house is the physical facility where the objects are catalogued, displayed, and presented to the perspective buyers through a bidding process system. An auction house. The private individual or company managing the house, usually offer services such as clearances, collection of items, shipping, while also advising through valuations ...
Software. v. t. e. 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. [ 4]