What is online auction?

online auctions is not tracked but is estimated

price is reached. Items are allocated based on bid order; the highest bidder selects their item(s) first followed by the second

highest bidder, etc. In a modification, all of the winning participants pay only the last announced price for the items that they

bid on.[1] The Dutch auction is named for its best known example, the Dutch tulip auctions. ("Dutch auction" is also

online auction space alone accounted for more than $32 billion

sometimes used to describe online auctions where several identical goods are sold simultaneously to an equal number of

high bidders.[19]) In addition to cut flower sales in the Netherlands, Dutch auctions have also been used for perishable

commodities such as fish and tobacco.[2] The Dutch auction is not widely used, except in market orders in stock or currency

exchanges, which are functionally identical.[1]

including collectibles, antiques, toys, clothing, art, cars,

Online auctions appeal to individuals who enjoy

Sealed first-price auction or blind auction,[20] also known as a first-price sealed-bid auction (FPSB). 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 they submitted.[1][2] This type of auction is distinct from the English auction, in that bidders can only submit one bid each. Furthermore, as

competitive bidding process and like to feel as if they are getting a bargain

auctions allow buyers and sellers to negotiate payment

bidders cannot see the bids of other participants they cannot adjust their own bids accordingly.[2] From the theoretical perspective, this kind of bid process has been

argued to be strategically equivalent to the Dutch auction.[21] However, empirical evidence from laboratory experiments has shown that Dutch auctions with high

Auction-related costs are usually limited to a small percentage of the final sales price.

clock speeds yield lower prices than FPSB auctions.[22][23] What are effectively sealed first-price auctions are commonly called tendering for procurement by

Auctions have been a means of economic transaction

companies and organisations, particularly for government contracts and auctions for mining leases.[2]

Vickrey auction, also known as a sealed-bid second-price auction.[24] This is identical to the sealed first-price auction except that the winning bidder pays the

moving onto the Internet, auctions have become accessible

second-highest bid rather than his or her own.[25] Vickrey auctions are extremely important in auction theory, and commonly used in automated contexts such as