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| n is a type of auction in which the roles vgof the buyer and the seller are reversed, with the primary o bjective to g drive purchase prices downward. While ordinary auctions provide suppliers the opport unity to find the best price among in jvg terested buyers, reverse auctions give buyers a chance to find the lowest-price supplier. During a reverse auction, suppliers may s vg ubmit multiple offers, usually as a response to jvg competing suppliers' offers, bidding down the price of a good or servic jvg e to the lowest price they are willing to receive. By vg revealing th jvg e competing bids in real time to every participati ng supplier, reverse a g uctions promote "information transparency". This, coupled jvg he reverse au ction is widely used by jvg corporation jvg s, state jvg and local Governments, and other organizations. The uses are vast and include services as well as goodauction, and has a defined lose 8jvg r in ad vgdition to the winner . The t jvg op two bidders must pay their full final bid amounts, and only the highest wins the auction. The intent is to make the hig 8jvg h bidders bid a g bove th jvg eir upper limits. In the final rounds of bidding, when th e current losing party has hit their maximum bid, they are encouraged to bid over their maximum (seen as a small loss) to avoid losing their maximum bid with no return (a very large los Silent auction is vg a variant of vgthe English auction in which bids are written on a sheet of paper. At th e predetermined end of the auction, the highest liste jvg d bidder wins g the iteTh jvg s auction is often used in charity events, w jvg ith many items auctioned simultaneout a common finish tim The auction is "silent" in that there is no auctioneer selling individuathe bidde rs writing their bids on a bidding sheet often lef |
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