Dictionary :: Auctions

Glossary of game theory terms.

Bid

A bid is an indication by a potential buyer of the price the buyer is willing to pay for the object being auctioned. In a Procurement Auction, the bid is an indication of the price a seller is willing to receive to offer the auctioned goods or services. Often, a new bid must improve substantially the previous bid, as defined by the auctioneer's bidding increment.

updated: 12 August 2005
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