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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]
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.
Dutch auctions are all sellers' bidding auctions, also known as silent auctions, which can be divided into two types. Manual silent auction is an early traditional form of price reduction auction, in which the auctioneer first publicly quotes the highest price, and then the bidders respond accordingly. In the event of a price that no one bids ...
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 ...
A uniform price auction otherwise known as a "clearing price auction", pay-as-clear [1] or marginal price auction, "marginal price system" (MPS), [2] is a multiunit auction in which a fixed number of identical units of a homogenous commodity are sold for the same price. Each bidder in the auction may submit (possibly multiple) bids, designating ...