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  • A market transaction that is based on declaration of competing prices by a number of potential buyers (bidders) and the willingness and ability to pay for goods or assets at an openly determined price. Auction is an alternative pricing mechanism by which the value of goods or assets is determined by those with direct interest in them within a specified period of time. Sellers normally pay a fee to the auctioneer for facilitating the exchange.

    Bidding may be done by buyers or sellers. In the English auction, buyers make progressively higher bids until the highest bidder is willing and able to pay for the good. Alternatively, in the Dutch variety, sellers may offer progressively reduced prices until a buyer is willing and able to pay for ...

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