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.
References in periodicals archive ?
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.
Onsale and SOFTBANK announced the joint venture in May 1998, and launched the online Japanese auction site six months later.
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