Bidding increment, Game Theory

 

A bidding increment is defined by the auctioneer as the least amount above the previous bid that a new bid must be in order to be adequate to the auctioneer. For example, if the increment is $8,000 and the current high bid is $90,000, only bids above $95,000 will be entertained.

 

Posted Date: 7/21/2012 5:28:47 AM | Location : United States







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