Reverse English auction
The essential rules of auctions:
- Before the start of the auction, the participants submit their bids
- The auction has three rounds
- During the round, the players are betting alternately
- The last sentence is the one who offered the lowest price
- No one if any bet was not made
- The participant that the last offered the price
Both English and reverse auctions have a similar workflow and shared features:
- Each auction type starts with an initial price value set by the auction organizer and changes (grows or falls) by a predefined minimal step value.
- For the sake of fair play, the participants stay anonymous during the whole bidding process.
The auctions consist of a three rounds, each round being limited in time.