A type of sale in which members of a group of buyers offer ever increasing amounts. The bidder making the last bid (for which no higher bid is subsequently made within a specified time limit: "going once, going twice, sold") must then purchase the item in question at this price. Variants of simple bidding are also possible, as in a Vickrey auction.

# Auction

## See also

Vickrey Auction## Explore with Wolfram|Alpha

## Cite this as:

Weisstein, Eric W. "Auction." From *MathWorld*--A Wolfram Web Resource. https://mathworld.wolfram.com/Auction.html