Auction
From Open Risk Manual
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.
- Court Auction (when the auction process is mandatory as the result of Foreclosure or other Enforcement of Collateral
