Auction Simulation
Example: A camera was just listed in Yahoo! Auctions
| Starting Price: | $10.00 (The price set to the item at start. The Seller decides this price.) |
| Current Price: | $10.00 (No one has bid on this item yet, so the Current Price is the same as the Starting Price.) |
| Length of Auction: | 5 days (The Seller decides the Length) |
| Bid Increment: | $1.00 (In this case, the bid must increase in $1.00 increments. For instance, you cannot increase the bid in 10 or 50 cent increments. For details, refer to the glossary.) |
Now, you are willing to spend up to $25.00 for this camera, but the Current Price is $10.00. If there wasn't an Automatic Bidding function, you would have to stay on-line and monitor the Current Price and keep increasing your bid until it approaches your limit of $25.00.
However, with the Automatic Bidding system, you do not need to act until the bid price goes over your limit of $25.00! So, it is very easy to participate in several auctions at once. Let's see how this auction to bid on a camera using the Automatic Bidding process works.
You bid with a Maximum Bid of $25.00.
You are the first bidder. This first day, no one else bids for the camera.
| Current Price: | $10.00 |
| Time Remaining: | 4 days |
| High Bidder: | You |
No one else has bid for the camera.
| Current Price: | $10.00 |
Time Remaining: | 3 days |
High Bidder: | You |
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