Editing Auction (section)

===Buyout option===

A '''buyout auction''' is an auction with an additional set price (the 'buyout' price) that any bidder can accept at any time during the auction, thereby immediately ending the auction and winning the item. This means that if an item offers its buyout price at the beginning, one participant can stop all other potential participants from bidding at all, or stop the bidding process before the bid price has reached the buyout price.<ref name="buyout">{{Citation
| last1 = Gallien
| first1 = Jérémie
| last2 = Gupta
| first2 = Shobhit
| title = Temporary and Permanent Buyout Prices in Online Auctions
| journal = Management Science
| volume = 53
| issue = 5
| pages = 814–833
| date = May 2007
| doi = 10.1287/mnsc.1060.0650
| issn = 1526-5501 | hdl = 1721.1/7468
| hdl-access = free
}}</ref> If no bidder chooses to utilize the buyout option before the end of bidding, the highest bidder wins and pays their bid.<ref name="buyout" /> Buyout options can be either ''temporary'' or ''permanent''.<ref name="buyout" /> In a temporary-buyout auction the option to buy out the auction is not available after the first bid is placed.<ref name="buyout" /> In a permanent-buyout auction the buyout option remains available throughout the entire auction until the close of bidding.<ref name="buyout" /> The buyout price can either remain the same throughout the entire auction, or vary throughout according to rules or simply as decided by the seller.<ref name="buyout" />