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Japanese Auction |
Also found in: Wikipedia | 0.03 sec. |
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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. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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