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Auction Types

Japanese auction

This is a variant of the English auction. With this type of auction, once bidding commences, no new bidders are permitted to take part. When the price of the item increases, bidders must bid in response, or else drop out of the auction. The auction ends either at a set time, or when all but one bidder has dropped out. The winner is the highest bidder, who pays the amount of their final bid.

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