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Ebidding. Private electronic market. Software. v. t. e. 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 auction chant is a repetition of two numbers at a time which indicate the monetary amount involved with the sale of an item. The first number is the amount of money which is currently being offered by a bidder for a given item. The second number is what the next bid needs to be in order to become the "high bidder", otherwise known as "the ...
v. t. e. Bidding is an offer (often competitive) to set a price tag by an individual or business for a product or service or a demand that something be done. [1] Bidding is used to determine the cost or value of something. Bidding can be performed by a person under influence of a product or service based on the context of the situation.
t. e. A Vickrey auction or sealed-bid second-price auction (SBSPA) is a type of sealed-bid auction. Bidders submit written bids without knowing the bid of the other people in the auction. The highest bidder wins but the price paid is the second-highest bid. This type of auction is strategically similar to an English auction and gives bidders an ...
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An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different types. The branch of economic theory dealing with ...
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