Open Ascending Value Auction
Open Ascending Value Auction: An auction could be a method of shopping for and commercializing merchandise or services by providing them up for bid, taking bids, then selling the item to the best bidder. The open ascending value auction is arguably the foremost common type of auction in use nowadays.
An auctioneer may announce prices, bidders may call out their bids themselves (or have a proxy call out a bid on their behalf), or bids may be submitted electronically with the highest current bid publicly displayed.
Primary Types of Auctions:
Open Auctions (Sequential)
- English Auctions
- Dutch Auctions
Sealed Auctions (Simultaneous)
- Fits Price Sealed Bids
- Second Price Sealed Bids
Secondary Types of Auctions:
Multiunit Auctions
- Uniform price
- Discriminatory price
Auction by Candle
Bidding Fee Auction
Japanese Auction
Reverse Auction
Other auction types also exist, such as Simultaneous Ascending Auction, Anglo-Dutch auction, Private value auction and Common value auction.
Auction models:
Other auction types have emerged as academic models study
- Benchmark model
- Game-theoretic models
- Revenue equivalence
- Winner’s curse
- JEL classification
English auction additionally referred to as ascending price auction. This kind of auction is the foremost common kind of auction in use these days. Participants bid brazenly against each other, with every ulterior bid needed to be more than the previous bid. Associate in Nursing auctioneer might announce costs, bidders might decision out their bids themselves (or have a proxy decision out a bid on their behalf), or bids could also be submitted electronically with the very best current bid in public displayed.
Most auction theory revolves around these four “standard” auction types. However, many other types of auctions exist, including, Multiunit auctions sell more than one identical item at the same time, rather than having separate auctions for each. This type can be further classified as either a uniform price auction or a discriminatory price auction.
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