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Auction
| Characteristics of
Different Types of Auctions |
| Type |
Rules |
| English, or ascending-price. Open. |
Seller announces reserve price or some low opening bid. Bidding
increases progressively until demand falls. Winning bidder pays highest
valuation. Bidder may re-assess evaluation during auction. |
| Dutch, or descending-price. Open. |
Seller announces very high opening bid. Bid is lowered progressively
until demand rises to match supply. |
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