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Articles / What is a Dutch Auction?
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What is a Dutch Auction? |
| By: admin, November 25, 2004 |
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| Views: 443 |
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| In the traditional Dutch auction the auctioneer begins with a high
asking price which is lowered until some participant is willing to
accept the auctioneer's price. That participant pays the last announced
price. This type of auction is convenient when it is important to
auction goods quickly, since a sale never requires more than one bid.
The Dutch auction is named for its best known example, the Dutch tulip
auctions, however in the Netherlands this type of auction is know as
"Chinese auction". "Dutch auction" can also be used to describe online
auctions where several identical goods are sold simultaneously to an
equal number of high bidders.
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