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