Scope of online auction

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Scope of online auction

English auctions[ edit ] In live terms, English auctions are where bids are announced by either an auctioneer or by the bidders and winners pay what they bid to receive the object. English auctions are claimed to be the most common form of third-party on-line auction format used and is deemed to appear the most simplistic of all the forms.

The winner is the highest bidder and the price is the highest bid. It also transcends the boundaries of a traditional English auction where physical presence is required by the bidders, making it increasingly popular even though there is a susceptibility to various forms of cheating.

Dutch auction services are usually misleading and the term 'Dutch' tends to have become common usage for the use of a multiunit auction in a single unit auction as opposed to how it is originally intended for that of a declining price auction.

First-price sealed-bid[ edit ] First-price sealed-bid auctions are when a single bid is made by all bidding parties and the single highest bidder wins, and pays what they bid. The main difference between this and English auctions is that bids are not openly viewable or announced as opposed to the competitive nature which is generated by public bids.

No bids found for this item

From the game-theoretic point of view, the first-price sealed-bid auction is strategically equivalent to the Dutch auction ; that is, in both auctions the players will be using the same bidding strategies. However, the highest bidder and winner will only pay what the second highest bidder had bid.

The Vickrey auction is suggested to prevent the incentive for buyers to bid strategically, due to the fact it requires them to speak the truth by giving their true value of the item.

If a bidder makes a very high bid, they may have to pay that price, but if they make a low bid there is a chance that they will lose the item. Therefore, the winner is the person who values the item the highest. Multiple sellers compete to obtain the buyer's business and prices typically decrease over time as new offers are made.

They do not follow the typical auction format in that the buyer can see all the offers and may choose which they would prefer. Reverse auctions are used predominantly in a business context for procurement.

The practice has even been implemented for private jet travel on the online auction site Marmalade Skies. IP The term reverse auction is often confused with unique bid auctionswhich are more akin to traditional auctions as there is only one seller and multiple buyers.

However, they follow a similar price reduction concept except the lowest unique bid always wins, and each bid is confidential.

On English auctions for example, the price goes up in 1 pence 0. There has been criticism that compares this type of auction to gambling, as users can spend a considerable amount of money without receiving anything in return other than the spent bids trying to acquire the item.

This is a method often used in Online auctions but can also happen in standard auctions. This is seen as an unlawful act as it unfairly raises the final price of the auction, so that the winning bidder pays more than they should have.

If the shill bid is unsuccessful, the item owner needs to pay the auction fees. Ina member of eBay became the first individual to be convicted of shill bidding on an auction.

Once a buyer wins an auction and pays for it, the fraudulent seller will either not pursue with the delivery, [17] or send a less valuable version of the purchased item replicated, used, refurbished, etc. Protection to prevent such acts has become readily available, most notably Paypal's buyer protection policy.

As Paypal handles the transaction, they have the ability to hold funds until a conclusion is drawn whereby the victim can be compensated. These items are then sold online as it is a safer option due to the anonymity and worldwide market it provides. These bids can either be placed by the bidder manually or automatically with the use of a tool.

However, the use of these tools is the subject of much controversy. These are hosted on a remote server and are a service run by a third party.

This type is a script which can be downloaded onto the users computer which is then activated and run locally.Where buyers are going.

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Scope of online auction

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