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A Dutch auction initially offers an item at a price in excess of the amount the seller expects to receive. The price lowers in steps until a bidder accepts the current price. That bidder wins the auction and pays that price for the item. For example, a business might auction a used company car at a starting bid of €15,000.
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]
Setting up a particular auction event: describing items sold or acquired and establishing auction rules. Auction rules define the type of auction, starting date, closing rules, and other parameters. Scheduling and advertising, as well as grouping of items of the same category to be auctioned together, is done to attract potential buyers.
Culcutta auction is a sequential auction, where the bidding for each contestant begins in random order, with only one contestant being bid upon at any time. [3] Accordingly, participants (originally in Calcutta, India , from where this technique was first recorded by the Colonial British ) bid among themselves to "buy" each of the contestants ...
An auction algorithm has been used in a business setting to determine the best prices on a set of products offered to multiple buyers. It is an iterative procedure, so the name "auction algorithm" is related to a sales auction, where multiple bids are compared to determine the best offer, with the final sales going to the highest bidders.
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