Ads
related to: open outcry auctionhibid.com has been visited by 100K+ users in the past month
svc.salvagebid.com has been visited by 10K+ users in the past month
Search results
Results From The WOW.Com Content Network
Open outcry is a method of communication between professionals on a stock exchange or futures exchange, typically on a trading floor. It involves shouting and the use of hand signals to transfer information primarily about buy and sell orders. [ 2 ]
An English auction is an open-outcry ascending dynamic auction. It proceeds as follows. The auctioneer opens the auction by announcing a suggested opening bid, a starting price, or a reserve for the item on sale. Then the auctioneer accepts increasingly higher bids from the floor and sometimes from other sources, for example online or telephone ...
This type of price auction is most commonly used for goods that are required to be sold quickly such as flowers, fresh produce, or tobacco. [4] A Dutch auction has also been called a clock auction or open-outcry descending-price auction. [5] This type of auction shows the advantage of speed since a sale never requires more than one bid.
English auctions are also known as open outcry or raise prices. [12] In live settings, English auctions are announced by either an auctioneer or by the bidders, and winners pay what they finally bid to receive the object. English auctions are the most common third-party online auction format and are known for their simplicity. [13]
In the open outcry auction, there is social proof of others bidding, reciprocation tendency, commitment to buying the item, and deprivation super-reaction syndrome, i.e. sense of loss. The latter is an individual's sense of loss of what he or she believes should be (or is) his or hers.
Often where traders in brightly colored jackets (to identify which firm they worked for) would shout and gesticulate at one another, a process known as open outcry or pit trading (the exchange floors were often pit-shaped – circular, sloping downwards to the center, so that the traders could see one another).
An auction house in England has withdrawn human remains, including shrunken heads and ancestral skulls, from sale following an outcry.
As open outcry is gradually replaced by electronic trading, the trading room becomes the only remaining place that is emblematic of the financial market. It is also the likeliest place within the financial institution where the most recent technologies are implemented before being disseminated in its other businesses .