Dutch auctions trading mechanism.
Dutch auctions do not require bidders to set the initial bid price. Instead, the user creating the auction announces a price and asks if any participants will accept it. Usually, the auction starts with a high bid price that is reduced over time until bidders have cleared the inventory.
Every auction is governed by a set of rules that the bidder must read before participating. Auction rules are established during auction creation and include aspects such as these:
If auction rules change during an auction, bidders must reread the rules before submitting or updating bids. Bids submitted prior to a rule change are not affected and may still win the bidding.
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