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A reverse auction (also known as buyer-determined auction or procurement auction) is a type of auction in which the traditional roles of buyer and seller are reversed. [1] Thus, there is one buyer and many potential sellers. In an ordinary auction also known as a forward auction, buyers compete to obtain goods or services by offering ...
Auctions. A bidding fee auction, also called a penny auction, is a type of all-pay auction in which all participants must pay a non-refundable fee to place each small incremental bid. The auction is extended each time a new bid is placed, typically by 10 to 20 seconds. Once time expires without a new bid being placed, the last bidder wins the ...
The Code has been a long-term, joint project of the National Conference of Commissioners on Uniform State Laws (NCCUSL) and the American Law Institute (ALI). [1] NCCUSL and ALI began drafting the first version of the UCC in 1945, following earlier, less comprehensive codification efforts for areas including the sale of goods across state lines. [2]
Ebidding. Private electronic market. Software. v. t. e. An online auction (also electronic auction, e-auction, virtual auction, or eAuction) is an auction held over the internet and accessed by internet connected devices. [1][2][3] Similar to in-person auctions, online auctions come in a variety of types, with different bidding and selling rules.
Standard Carrier Alpha Code. The Standard Carrier Alpha Code (SCAC) is a privately controlled US code used to identify vessel operating common carriers (VOCC). It is typically two to four letters long. The National Motor Freight Traffic Association developed the SCAC code in the 1960s to help road transport companies computerize data and records.
The generalized second-price auction (GSP) is a non-truthful auction mechanism for multiple items. Each bidder places a bid. The highest bidder gets the first slot, the second-highest, the second slot and so on, but the highest bidder pays the price bid by the second-highest bidder, the second-highest pays the price bid by the third-highest, and so on.
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