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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]
A tender announcement from the Indonesian Ministry of Finance. An invitation to tender (ITT, also known as a call for bids [1] or a request for tenders) is a formal, structured procedure for generating competing offers from different potential suppliers or contractors looking to obtain an award of business activity in works, supply, or service contracts, often from companies who have been ...
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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 ...
A senior auction is a variation on the all-pay auction, and has a defined loser in addition to the winner. The top two bidders must pay their full final bid amounts, and only the highest wins the auction. The intent is to make the high bidders bid above their upper limits.
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 ...
Auction theory is a branch of applied economics that deals with how bidders act in auctions and researches how the features of auctions incentivise predictable outcomes. Auction theory is a tool used to inform the design of real-world auctions. Sellers use auction theory to raise higher revenues while allowing buyers to procure at a lower cost.
The uniform-price auction does not, however, result in bidders bidding their true valuations as they do in a second-price auction unless each bidder has demand for only a single unit. A generalization of the Vickrey auction that maintains the incentive to bid truthfully is known as the Vickrey–Clarke–Groves (VCG) mechanism.