Auction

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Definition

Auction is a market making process where different parties participating under defined rules in establishing a Price for the exchange of a Good or service via bids.

Variations

Public versus Private depending on the accesibility to various parties
Different auction designs depending on the rules of bidding and establishing the winning bid.
- Dutch Auction
Court Auction (when the auction process is mandatory as the result of Foreclosure or other Enforcement of Collateral