Search results
Results From The WOW.Com Content Network
The auctioneer does not disclose the current maximum bid, but the second highest bid is always public. In proxy bidding, the wise bidder must know in advance the "true" value of an item as a basis for their secret bidding limit. [2] The fact that the maximum bid is revealed when it is outbid introduces the possibility of maximum bid fishing.
The generalized second-price auction (GSP) is a non-truthful auction mechanism for multiple items. Each bidder places a bid. The highest bidder gets the first slot, the second-highest, the second slot and so on, but the highest bidder pays the price bid by the second-highest bidder, the second-highest pays the price bid by the third-highest, and so on.
Proxy bidding is an implementation of an English second-price auction used on eBay, in which the winning bidder pays the price of the second-highest bid plus a defined increment. It differs from a Vickrey auction in that bids are not sealed; the "current highest bid" (defined as second-highest bid plus bid increment) is always displayed.
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.
A bid is the number of points that the bidder undertakes to win in the deal, the minimum bid being 1. [4] Each player must make a higher bid than the previous player, or pass. A bid of four (the highest possible) is known as shoot the moon, slam or smudge. [7] If no player bids, the deal is abandoned and the same dealer deals again. [8]
The intent is to make the high bidders bid above their upper limits. In the final rounds of bidding, when the current losing party has hit their maximum bid, they are encouraged to bid over their maximum (seen as a small loss) to avoid losing their maximum bid with no return (a very large loss).
minimum opener (13 to 15 points): bid at the 2 level. medium opener (16 to 18 points): bid at the 3 level, inviting game. maximum opener (19 to 21 points): bid at the 4 level. Examples (showing only partnership bids, with no bidding by opponents): 1 ♣ – 1 ♥ – ; 2 ♥ – Pass – : both partners have minimum hands but find a major ...
If someone else has placed a bid that is higher than the maximum bid, the will be notified, allowing he to change the maximum bid and stay in the auction. At the end of the auction, whoever's maximum bid is the most wins the lot. Live bidding is a traditional room-based auction.