Japanese Auction


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Japanese Auction

A way to run an auction in which all participants must bid each new price in order to remain in competition for the item. For example, if the opening bid for a good is $500, all participants must bid $500. If the next bid is $600, anyone who does not bid $600 is eliminated. This continues until only one bidder remains. Each bidder is able to observe how many other bidders remain after each round.
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This commercial import of used vehicles creates black economy value Rs50 billion/ year since all transactions of transferring TT/Hawala payments to Japanese auction houses and sale in Pakistan are unreported and conducted in cash.
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