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Types Of Online Auctions

Online Auction involves the selling and service.
buying of goods by offering them up for 4. Sealed-bid second-price auction:
bids and consequently selling them to the Also known as Vickery auction. It is
highest bidder on the internet. Origin of exactly similar to sealed bid first price
auctions can be traced back to the 500 auction, except that the highest bidder
B.C. pays the second highest amount and not
There are various types of online the highest bid. This is the bidding
auctions. The following are the most system used by eBay.
prominent ones: 5. All-pay auction:
1. Chinese Auction: In this auction type all the bidders have
The other name of Chinese auction is to pay their bidding amount irrespective
tricky tray and pick-a-price. It is of the fact that they have won or not.
usually held at charity or fund raising 6. English Auction:
events. The bidders buy tickets and the This is the most common auction type
chance of winning is proportional to the round the globe. In this type of auction,
number of tickets purchased. The origin a reserve price is fixed for the goods
of Chinese bidding is still ambiguous. and the customers offer larger and larger
2. Dutch Auction: bid. Finally, the product is sold to the
In this type of bidding, the auctioneer highest bidder. English auction is the
declares a high price for the product or most common auction type in the US and
service and subsequently, it is lowered most of the online auction sites use the
depending on whether the participants are English auction type. The biggest
willing to pay the pre determined amount. disadvantage of the English auction,
3. Sealed-bid first price auction: which makes it a little unpopular is
In this type of bidding, all the bidders something known as "winner's curse".
simultaneously submit their bidding English auctions are often complicated
amount. Know bidder knows the bidding and most interesting because of
amount of his/her competitor. The one who strategies like snipping and proxy
bids the highest amount gets the product bidding.




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