"Auctioneer" redirects here. For the DC Comics supervillain, see Auctioneer (comics).
Part of a series on
Auctions
Types
All-pay
Chinese
Amsterdam
Anglo-Dutch
Barter double
Best/not best
Brazilian
Calcutta
Candle
Click-box bidding
Combinatorial
Common value
Deferred-acceptance
Discriminatory price
Double
Dutch
English
Forward
French
Generalized first-price
Generalized second-price
Japanese
Knapsack
Multi-attribute
Multiunit
No-reserve
Rank
Reverse
Scottish
Sealed first-price
Simultaneous ascending
Single-price
Traffic light
Uniform price
Unique bid
Value of revenues
Vickrey
Vickrey–Clarke–Groves
Walrasian
Yankee
Bidding
Shading
Calor licitantis
Cancellation hunt
Jump
Rigging
Sniping
Suicide
Tacit collusion
Contexts
Algorithms
Autos
Art
Charity
Children
Players
Domain names
Flowers
Loans
Scam
Slaves
Spectrum
Stamps
Virginity
Wine
Wives
Theory
Digital goods
Price of anarchy
Revenue equivalence
Winner's curse
Online
Ebidding
Private electronic market
Software
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An American auctioneer using auction chant at a livestock auction, November 2010
An 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. Some exceptions to this definition exist and are described in the section about different types. The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory.
The open ascending price auction is arguably the most common form of auction and has been used throughout history.[1] Participants bid openly against one another, with each subsequent bid being higher than the previous bid.[2] An auctioneer may announce prices, while bidders submit bids vocally or electronically.[2]
Auctions are applied for trade in diverse contexts. These contexts include antiques, paintings, rare collectibles, expensive wines, commodities, livestock, radio spectrum, used cars, real estate, online advertising, vacation packages, emission trading, and many more.
^Cite error: The named reference #Krishna2002 was invoked but never defined (see the help page).
^ abMcAfee, R. Preston; McMillan, John (1987). "Auctions and Bidding". Journal of Economic Literature. 25 (2): 699–738. ISSN 0022-0515. JSTOR 2726107.
An 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...
A Vickrey auction or sealed-bid second-price auction (SBSPA) is a type of sealed-bid auction. Bidders submit written bids without knowing the bid of the...
A Dutch auction is one of several similar types of auctions for buying or selling goods. Most commonly, it means an auction in which the auctioneer begins...
A reverse auction (also known as buyer-determined auction or procurement auction) is a type of auction in which the traditional roles of buyer and seller...
An online auction (also electronic auction, e-auction, virtual auction, or eAuction) is an auction held over the internet and accessed by internet connected...
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A virginity auction is an auction, often publicized online, where a person seeks to sell their virginity. The winning bidder will win the right to be...
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A government auction or a public auction is an auction held on behalf of a government in which the property to be auctioned is either property owned by...
multiunit auction is an auction in which several homogeneous items are sold. The units can be sold each at the same price (a uniform price auction) or at...
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