auction

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auction

noun auctio, auctione vendere, public sale, public sale of property, sale by bid, sale by outcry, sale to the highest bidder, sub hasta vendere, vendue
Associated concepts: auction license, auction sale, highest bidder, public sale
See also: handle, sell, trade, vend

auction

a (normally public) sale of property usually conducted by competitive bidding where the item auctioned is sold to the person who makes the highest bid. It is conducted by an auctioneer, who is deemed to be the agent of the seller until the hammer falls and he announces the completion of the sale in favour of the highest bidder. Many auctions now take place on the Internet whereby the auctioneer provides the site upon which the goods are advertised.

See MOCK AUCTION.

AUCTION, commerce, contract. A public sale of property to the highest bidder. Among the Romans this kind of sale, was made by a crier under a spear (sub hasta) stuck in the ground.
     2. Auctions are generally held by express authority, and the person who conducts them is licensed to do so under various regulations.
     3. The manner of conducting an auction is immaterial; whether it be by public outcry or by any other manner. The essential part is the selection of a purchaser from a number of bidders. In a case where a woman continued silent during the whole time of the sale, but whenever anyone bid she gave him a glass of brandy, and when the sale broke up, the person who received the last glass of brandy was taken into a private room, and he was declared to be the purchaser; this was adjudged to be an auction. 1 Dow. 115.
     4. The law requires fairness in auction sales, and when a puffer is employed to raise the property offered for sale on bona fide bidders, or a combination is entered into between two or more persons not to overbid each other, the contract may in general be avoided. Vide Puffer, and 6 John. R. 194; 8 John. R. 444; 3 John. Cas. 29; Cowp. 395; 6 T. R. 642; Harr. Dig. Sale, IV.; and the article Conditions Sale. Vide Harr. Dig. Sale, IV.; 13 Price, R. 76; M'Clel. R. 25; 6 East, R. 392; 5 B. & A. 257; S. C. 2 Stark. R. 295; 1 Esp. R. 340; 5 Esp. R. 103 4 Taunt. R. 209; 1 H. Bl. R. 81; 2 Chit. R. 253; Cowp. R. 395; 1 Bouv. Inst., n. 976.

References in periodicals archive ?
In all sessions, six subjects traded in a computerized double auction market across 27 periods.
The double auction market is used extensively in experiments and is considered a relatively competitive trading institution, which is another reason for this institutional design choice since a main goal of this study is to determine the influence of market competition on cooperation in a joint R&D task.
The Holt, Langan, and Villamil (1986) experiment was replicated by Davis and Williams (1991), who also looked at the effects of changing from the double auction to a market in which sellers post prices simultaneously on a take-it-or-leave-it basis.
In addition, there are over 20 other programs at this site for those who wish to use web-based experiments in the classroom; these include Monopoly, Cournot, Bertrand, Double Auction, Bargaining, Auctions, Signaling, Trust and Reciprocity, Statistical Discrimination, a flexible matrix game (e.
A Computerized Laboratory Market System and Research Support Systems for the Multiple Unit Double Auction.
We also conducted two markets where subjects with the same cost and demand schedule negotiated via double auction (see section 3).
Revelex is creating a continuous double auction (CDA) exchange that will feature hotel, car and air rates from recognized providers.
An empirical analysis of price formation in double auction markets.
The continuous double auction (DA) allows traders to submit public offers to buy or to sell and to accept other traders' offers at any moment in time.
The alternative market was a computerized double auction which agents generally enjoy, so entry into the falling average cost market did not result from an attempt to relieve boredom, which one might have suspected played a role in previous studies.
The data indicate that both the double auction and posted offer institutions result in traders extracting the bulk of the potential gains from exchange in the market; however, prices generally occur above the competitive equilibrium prediction.
This restriction could not be imposed in a standard oral double auction.