![]() ![]() ![]() Īuctions are applied for trade in diverse contexts. An auctioneer may announce prices, while bidders submit bids vocally or electronically. Participants bid openly against one another, with each subsequent bid being higher than the previous bid. The open ascending price auction is arguably the most common form of auction and has been used throughout history. The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory. Some exceptions to this definition exist and are described in the section about different types. An American auctioneer using auction chant at a livestock auction, November 2010Īn 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. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |