Competitive auction where buyers bid against each other. Each bid has to be higher than the previous bid. Auction ends when there are no further bids. Highest bid wins.
The auctioneer starts with a high price and lowers the sellers bid until it is accepted by a buyer. First buyer to accept wins.
Participants submit secret bids and don't know the bids of the other participants.
A sealed bid auction where the highest bidder wins but only pays the price of the second highest bid.
Buyers pay a fee to enter and bids are increased by a small increment each time. Highest bid wins.
The product is sold to the highest bidder even if this price is very low.
Sellers bid for the opportunity to sell goods or services to a buyer.
|Definition||Providing a service that connects buyers and sellers through a process of bidding.|
|Value||A properly run auction has a competitive feel that may provide sellers with the best price. Works particularly well for rare items with a difficult to evaluate worth.|