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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.
The (sequential) auction algorithms for the shortest path problem have been the subject of experiments which have been reported in technical papers. [7] Experiments clearly show that the auction algorithm is inferior to the state-of-the-art shortest-path algorithms for finding the optimal solution of single-origin to all-destinations problems.
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.
A double auction is a process of buying and selling goods with multiple sellers and multiple buyers. [1] Potential buyers submit their bids and potential sellers submit their ask prices to the market institution, and then the market institution chooses some price p that clears the market: all the sellers who asked less than p sell and all buyers who bid more than p buy at this price p.
An example is the auction system at the Dutch Flower Auctions, where a lot is allocated to (potentially) multiple buyers in different bidding rounds. To speed up this process, the initial auction price for any subsequent bidding round is set just slightly higher than the previous winning bid (around 15-20 cents, or 15-30% on average).
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.