Editing Auction (section)

====Partially driven by time====
[[File:Bundesarchiv B 145 Bild-F004491-0002, Kirschenversteigerung an der Mosel.jpg|upright=1.5|thumb|A 1957 Dutch auction in Germany to sell fruit]]
* [[Dutch auction]] also known as an ''open descending price auction''.<ref name="#Krishna2002|Krishna, 2002: p2" /> In the traditional Dutch auction the auctioneer begins with a high asking price for some quantity of like items; the price is lowered until a participant is willing to accept the auctioneer's price for some quantity of the goods in the lot or until the seller's reserve price is met.<ref name="McAfee" /> If the first bidder does not purchase the entire lot, the auctioneer continues lowering the price until all of the items have been bid for or the reserve price is reached. Items are allocated based on bid order; the highest bidder selects their item(s) first followed by the second highest bidder, etc. In a modification, all of the winning participants pay only the last announced price for the items that they bid on.<ref name="#Krishna2002|Krishna, 2002: p2" /> The Dutch auction is named for its best known example, the [[Dutch auction|Dutch tulip auctions]]. ("Dutch auction" is also sometimes used to describe online auctions where several identical goods are sold simultaneously to an equal number of high bidders).<ref>{{Citation|author=eBay|title=Selling Multiple Items in a Listing (Dutch Auction)|url=http://pages.ebay.com/help/sell/multiple.html|access-date=2009-01-09|archive-url=https://web.archive.org/web/20081217172337/http://pages.ebay.com/help/sell/multiple.html|archive-date=2008-12-17}}</ref> In addition to cut flower sales in the [[Netherlands]], Dutch auctions have also been used for perishable commodities such as fish and tobacco.<ref name="McAfee" /> The Dutch auction is not widely used, except in market orders in stock or currency exchanges, which are functionally identical.<ref name="#Krishna2002|Krishna, 2002: p2" />
* [[Japanese auction]] is a variation of the Dutch auction with a low initial price that increases over time. As the price rises, participants must either signal intent to continue bidding or drop out of the auction, and no participant may enter or re-enter the auction once it has begun. Once only one participant remains in the auction, the auction ends and that participant wins the item at the current price. It has similarities to the [[Betting (poker)#Ante|ante]] in [[Poker]].<ref>{{cite web |url=http://www.auctusdev.com/auctiontypes.html |title=Auction Types & Terms |publisher=Auctusdev.com |access-date=2012-12-26 |archive-url=https://archive.today/20130117113233/http://www.auctusdev.com/auctiontypes.html |archive-date=2013-01-17 }}</ref>