#35unit 2online auctions
Types and examples of Auctions
The principal auction formats and real examples.
eBay English auction
A seller lists a single rare coin on eBay with a secret reserve price and a 7-day time limit. Multiple buyers bid; the highest bidder at the time limit wins (if the reserve is met).
eBay (English), Priceline (Name Your Own Price), and penny auction sites like QuiBids are real examples.