E-commerce Main > Online Auction Application Auctions Term: GlossaryActivity Rules: Rules that constrain a bidder's options based on her actions in previous rounds of the auction. Auction: A system for accepting bids from participants and computing a set of trades based on the offers according to a well-defined policy. Auditable: An auction system that can be inspected by an outside auditor to confirm that the auction's actions were in accordance with its policies and the bids received. Beat-the-quote Rule: A rule that requires the bidder's new offer to improve upon her current offer with respect to the current quote information. Bid: An offer to buy or sell a product or service submitted to an auction. Bid Admission: The act of certifying that a bid satisfies the bidding rules and has become an active bid in the system. Bid Increment: Bid increment is the minimum amount a bid can be increased by. For example: If an item has a bid of $5 with an increment of $1, you must bid at least $6 to be the top bidder. Bid Submission Time: The time at which the auction officially considers the bid submitted. Clear: The act of computing trades in accordance with the auction's policy, and removing the associated bids from the set of active bids. Combinatorial Auction: An auction that allows bidders to make offers on combinations of items. Consistent: An auction system that handles all bid, quote, and clear events in the order they ought to occur. Content Management System: A Web publishing tool that facilitates the management and presentation of large amounts of content on the Web. Double-sided Auction: An auction with multiple buyers and sellers. Improve-your-bid: A rule that requires a bidders' new offer to improve upon her previous bid in a precise manner. Matching Function: The policy the auction uses to compute trades from bids. Multiple Bidding: A strategy involving a fake bid placed by a buyer with a secondary account to scare off other buyers. The high bidder then defaults on the bid and the real buyer wins with less competition. Order Book: The list of current bids and the bidders who placed them. Parallel Architecture: An auction architecture that, to some degree, allows multiple actions to be handled simultaneously. Proxy Bidding: The use of a software program to place bids on behalf of the user. A proxy bidder, unlike an agent, is generally operated by the auction. Quote: The activity of computing and announcing information about the current state of the auction; the information computed and announced. Reputation System: A system that allows a community of traders to comment on each others performance, thus enabling users to establish reputations within the community. Reserve Price: In a single-seller auction, the minimum price at which the seller is willing to part with the item. In a single-buyer auction, the maximum price the buyer is willing to pay. Sealed Bid: An auction in which no information is revealed until the auction closes and the winners are announced. Sequential Architecture: An auction architecture that performs one action completely before beginning another. Starting Bid: This term refers to the lowest acceptable amount established by the auctioneer at which the bidding can commence. Trade: A declaration by the auction that one bidder should exchange a particular quantity of the item with another bidder at a particular price. Generally, the execution of the trade is outside the scope of control of the auction system. Valid Bid: A bid that satisfies the bidding rules. Bid Sniping : It is the practice of bidding in the last few seconds of an auction to prevent other bidders from outbidding you. The truth is, if you really want an item, sniping will almost always allow you to be the high bidder, assuming you bid high enough. Sellers usually like sniping; what’s not to like about increasing the final price of an item? Many smart bidders, however, simply bid the maximum amount they are willing to spend on an item and don’t worry about it. If they are outbid, that’s okay, because they didn’t feel the item was worth more than their bid. In case you need an Auction software or auction application programmers, please contact us. We are specialists in building online auction software that generates computer based auctions. We are a company based in . If you want to outsource this or any other application please let us know. We will be glad to provide our services << Prev 
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