Auctions are formalized trading procedures in which the trading partners’ interaction is governed by specific rules for competi- tive bidding and trade execution. Auction markets provide procedures for the exposure of purchase and sales orders to the market participants in order to determine the price of trade objects. Empirically, we find a multiplicity of auction types with different trade objects, access rules for participants, and trading rules.
Klein, Stefan; van Heck, Eric; Kambil, Ajit; and Lodbrok, Peer, "Panel 11 Web-based Auctions: Theoretical Issues and Practical Experience" (1998). ICIS 1998 Proceedings. 60.