#35unit 2online auctions
Types and examples of Auctions
The principal auction formats and real examples.
Unit 2Online AuctionsTopic #35Published
Types and examples of Auctions
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The primary types of auctions found on the Internet are English auctions (highest bidder wins), Dutch Internet auctions (multiple units, lowest successful bid sets the price), Name Your Own Price auctions (pioneered by Priceline), and penny (bidding-fee) auctions where bidders pay a non-refundable fee to bid.
- Describe the English auction format.
- Explain how a Dutch Internet auction works.
- Describe the Name Your Own Price auction pioneered by Priceline.
- Identify penny (bidding-fee) auctions and their risk.