English Auction | 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. |
Dutch Auction | The auctioneer starts with a high price and lowers the sellers bid until it is accepted by a buyer. First buyer to accept wins. |
Sealed-bid Auction | Participants submit secret bids and don't know the bids of the other participants. |
Vickrey Auction | A sealed bid auction where the highest bidder wins but only pays the price of the second highest bid. |
Penny Auction | Buyers pay a fee to enter and bids are increased by a small increment each time. Highest bid wins. |
Absolute Auction | The product is sold to the highest bidder even if this price is very low. |
Reverse Auction | Sellers bid for the opportunity to sell goods or services to a buyer. |
| Overview: Auctioneering | ||
Type | ||
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. | |
Related Techniques | ||
