English auction

See also: Auction | Economics

Wikipedia: Auction (http://en.wikipedia.org/wiki/Auction)

A type of ascending-bid auction. In the English auction a bidder sets a price. After this, another bidder is able to bid higher than the first bidder. The process is continued until no bidder bids more than the current price. After the auction, the bidder pays the set price to the auctioneer; the auctioneer gives the item to the bidder.

Sometimes, a reserved price or pre-determened buy-out is set by the auctioneer.

All bids are done in public.


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