Discover published sets by community

An absolute auction is one without a reserve price, meaning the item is sold to the highest bidder regardless of the price. It is used when sellers are motivated to sell quickly.

In this type of auction, all bidders submit their bids confidentially and without knowing the bids of others. The highest bidder wins but pays the price they submitted. It's used when privacy of bids is important.

A reserve auction has a set minimum price (reserve) that must be met for the sale to occur. If the bidding does not reach this price, the item is not sold. It's used to protect the seller from selling at too low a price.

A Vickrey auction is a sealed-bid auction where the highest bidder wins but pays the second-highest bid. It encourages bidders to bid their true value and is used in some online auctions.

An English auction is a type of open ascending price auction where participants bid against each other, with each subsequent bid required to be higher than the previous one. It is often used for unique items like art or antiques.

In a combinatorial auction, bidders can place bids on combinations of items, rather than just individual items. This type of auction is useful when the value of a set of items is higher than the sum of individual values, such as bundles of spectrum licenses.

A Dutch auction is a type of open descending price auction where the auctioneer starts with a high asking price, which is lowered until some participant accepts the price. It's used often for perishable goods or when quick sales are needed.

In an all-pay auction, all bidders must pay their bid amounts regardless of whether they win. Often used in charity auctions or as a model for lobbying efforts.

A Japanese auction is similar to an English auction but with a slight variation: instead of bidders calling out their bids, the price is raised incrementally until all bidders but one drop out. This ensures a quick resolution.