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However, online auction sites, unlike live auctions, usually have an automatic bidding system which allows a bidder to enter their maximum acceptable bid. This is a hidden or proxy bid, known to the system, but not any other bidders; during the auction the actual bid is incremented only enough to beat the existing highest bid. For example, if ...
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.
The auction ends when time runs out. However, because each bid extends the length of the auction by 10–20 seconds, the auction could theoretically continue on indefinitely. Besides making single bids anytime, users could use a so-called "Bidbutler", which was an automatic bidding tool. Users could employ a maximum of 50 Bidbutler bids each time.
An online auction (also electronic auction, e-auction, virtual auction, or eAuction) is an auction held over the internet and accessed by internet connected devices. [1] [2] [3] Similar to in-person auctions, online auctions come in a variety of types, with different bidding and selling rules.
The ‘‘‘bid decrement‘‘‘ can be high or low. If the bid decrement is low, the suppliers can decide more freely which price to choose. Therefore, the bidding is going to be more dynamic. If the bid decrement is high, the bidding steps must be optimally designed to obtain the best results.
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The blind bidding service may be thought of as a type of auction mechanism where some or all information about the players' bids is hidden. A resolution is declared by the system at the end of a negotiating session if all parties have accepted one or more packages (of one or more proposed decision values) at the end of that session.
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