A Dutch auction is an auction in which the auctioneer starts the bidding at a certain level and people raise that bid until no one wishes to increase her or his bid any further. The last person to bid wins the good at a price equal to that bid.

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In a Dutch auction, the auctioneer starts with a high asking price which is lowered until some participant is willing to accept the auctioneer's price, or a predetermined minimum price is reached.

A Dutch Auction Is an Auction in Which the Auctioneer