A type of auction in which sellers bid for the prices at which they are willing to sell their goods and services.
In a regular auction, a seller puts up an item and buyers place bids until the close of the auction, at which time
the item goes to the highest bidder. In a reverse auction, the buyer puts up a request for a required good or
service. Sellers then place bids for the amount they are willing to be paid for the good or service, and at the end
of the auction the seller with the lowest amount wins.
The seller has the ability to either run a Ranked or Open auction.
no participate can see any other bids, only their ranking or competitive position
all participates can see the lowest or best bid
Dutch Auction Module
A Dutch auction is a type of auction in which the auctioneer begins with a lower asking price which is then increased by a pre-determined amount until a participant is willing to accept the price offered. Once the bidder “accepts” the asking price in the auction, the auction closes.
Japanese Auction Module
In a Reverse Japanese Auction, the price of an item is continually decreased, according to a specified amount and at pre-set intervals. Bidders must place an “accepted bid” at each interval to continue participating in the market. Once the last bidder remains and places an “accepted bid” the auction closes.