A form of a Japanese auction (which is a form of an English auction)
in which bidders hold down a button as the auctioneer regularly raises the current price.
Bidders irrevocably release the button when the current price exceeds their willingness to pay.
The auction concludes when only one bidder remains and all others have released the button.
updated: 12 August 2005
HOW TO CITE THIS ENTRY
- To learn more:
- See news articles on auctions.
- Try a winner's curse applet on the applets page.
- Read about auction experiments at e-Economics.net.
- Learn about auctions by reading lecture notes.