TABLE OF CONTENTS


Introduction

This article gives an overview of all the auctions that Aerchain supports.


English Forward - Price Based

  • The auctioneer sets a base price for the product or service.
  • The bidders bid a price above randomly.
  • The highest bidder wins.
  • The auction is closed when there aren't any higher bidders.


English Forward - Percent Based

This is the same as the English forward-priced-based auction, but the increment in the bidding is percent-based.


English Reverse - Price Based

  • The auctioneer sets a high price for the product or service.
  • The bidder bids decremental.
  • The lowest bidder wins.


English Reverse - Percent Based

This is the same as the English reverse-priced-based auction, but the decrement in the bidding is percent-based.


Japanese Forward

  • The auctioneer sets a base price for the product or service.
  • The price of the product is increased at regular intervals.
  • Bidders are allowed to exit the auction anytime.
  • Once exited bidders are not allowed to re-enter the auction again.
  • The last standing bidder wins the auction.


Japanese Reverse

The Japanese auction is defined in the below bulletins below.

  • Starts with the highest bid.
  • The bid is reduced consistently at regular intervals.
  • The first bidder wins.


Dutch Forward

The Dutch auction is defined in the bulletins below.

  • The auction starts with the highest bid.
  • The bid is reduced consistently at regular intervals automatically.
  • The first bid wins.


Dutch Reverse

Dutch reverse auctions are similar to the Dutch forward auction, but it happens in reverse. Pricing starts with the lowest and ends with the highest bid.


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