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.

See also

Vickrey Auction

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Cite this as:

Weisstein, Eric W. "Auction." From MathWorld--A Wolfram Web Resource.

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