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House, Types Of Online Auctions
by Nikola Jankovic
Online Auction involves the selling and buying of goods by offering them up for bids and consequently selling them to the highest bidder on the internet. Origin of auctions can be traced back to the 500 B.C.
There are various types of online auctions. The following are the most prominent ones: 1. Chinese Auction: The other name of Chinese auction is tricky tray and pick-a-price. It is usually held at charity or fund raising events. The bidders buy tickets and the chance of winning is proportional to the number of tickets purchased. The origin of Chinese bidding is still ambiguous. 2. Dutch Auction: In this type of bidding, the auctioneer declares a high price for the product or service and subsequently, it is lowered depending on whether the participants are willing to pay the pre determined amount.
3. Sealed-bid first price auction: In this type of bidding, all the bidders simultaneously submit their bidding amount. Know bidder knows the bidding amount of his/her competitor. The one who bids the highest amount gets the product/service. 4. Sealed-bid second-price auction: Also known as Vickery auction. It is exactly similar to sealed bid first price auction, except that the highest bidder pays the second highest amount and not the highest bid. This is the bidding system used by eBay.
5. All-pay auction: In this auction type all the bidders have to pay their bidding amount irrespective of the fact that they have won or not. 6. English Auction: This is the most common auction type round the globe. In this type of auction, a reserve price is fixed for the goods and the customers offer larger and larger bid. Finally, the product is sold to the highest bidder. English auction is the most common auction type in the US and most of the online auction sites use the English auction type. The biggest disadvantage of the English auction, which makes it a little unpopular is something known as “winner’s curse”. English auctions are often complicated and most interesting because of strategies like snipping and proxy bidding.
About The Author: Written by Nikola Jankovic. Find top house auctions on http://www.house-auction.net/
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You may want to try these websites for additional information
http://en.wikipedia.org/wiki/United_States_House_of_Representatives
http://en.wikipedia.org/wiki/House_(TV_series)
http://www.housemd-guide.com/
The information provided in this article is the express opinion of the author. Exchangenet is not responsible for the content!
Online Auction involves the selling and buying of goods by offering them up for bids and consequently selling them to the highest bidder on the internet. Origin of auctions can be traced back to the 500 B.C.
There are various types of online auctions. The following are the most prominent ones: 1. Chinese Auction: The other name of Chinese auction is tricky tray and pick-a-price. It is usually held at charity or fund raising events. The bidders buy tickets and the chance of winning is proportional to the number of tickets purchased. The origin of Chinese bidding is still ambiguous. 2. Dutch Auction: In this type of bidding, the auctioneer declares a high price for the product or service and subsequently, it is lowered depending on whether the participants are willing to pay the pre determined amount.
3. Sealed-bid first price auction: In this type of bidding, all the bidders simultaneously submit their bidding amount. Know bidder knows the bidding amount of his/her competitor. The one who bids the highest amount gets the product/service. 4. Sealed-bid second-price auction: Also known as Vickery auction. It is exactly similar to sealed bid first price auction, except that the highest bidder pays the second highest amount and not the highest bid. This is the bidding system used by eBay.
5. All-pay auction: In this auction type all the bidders have to pay their bidding amount irrespective of the fact that they have won or not. 6. English Auction: This is the most common auction type round the globe. In this type of auction, a reserve price is fixed for the goods and the customers offer larger and larger bid. Finally, the product is sold to the highest bidder. English auction is the most common auction type in the US and most of the online auction sites use the English auction type. The biggest disadvantage of the English auction, which makes it a little unpopular is something known as “winner’s curse”. English auctions are often complicated and most interesting because of strategies like snipping and proxy bidding.
About The Author: Written by Nikola Jankovic. Find top house auctions on http://www.house-auction.net/
These articles on lifestyle and more
Reprint this article free of charge as long as you keep the author's resource box or bio intact and the links active. A copy of the ezine or URL of the page where the article was reprinted emailed to the author would be very much appreciated. house
Return to the selection of house
You may want to try these articles on house
House, Documenting The House by David Beart Approximately 804 Words
House, Organic Gardening by David Beart Approximately 1459 Words
House, Stearing Clear Of Unscrupulous Lenders by Gordon Edwards Approximately 514 Words
House, The Things Most Overlooked When Buying A House by Kevin Cox Approximately 366 Words
House, On Choosing The Right Team To Build Your House by Mark Sheppler Approximately 580 Words
House, Winter House Preparedness by Kadence Buchanan Approximately 460 Words
House, Buying A Home: How To Handle The Legal Documents by Clare Stevens Approximately 582 Words
You may want to try these websites for additional information
http://en.wikipedia.org/wiki/United_States_House_of_Representatives
http://en.wikipedia.org/wiki/House_(TV_series)
http://www.housemd-guide.com/
The information provided in this article is the express opinion of the author. Exchangenet is not responsible for the content!