An Implementation of a New Type of Online Auction

An Implementation of a New Type of Online Auction

M.A. Otair (Arab Academy for Banking and Financial Sciences, the League of Arab States) and Ezz Hattab (Arab Academy for Banking and Financial Sciences, the League of Arab States)
Copyright: © 2008 |Pages: 15
DOI: 10.4018/jebr.2008040106
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Abstract

In recent years, there has been an increased interest in the types of online auction. Yet many auctions with fixed-end times are experiencing “sniping” or submission of bids in the final minute of an auction. Late bidding deprives rivals of the ability of seeing one’s bid and undercutting it. Late bidding facilitates colludes or independent pricing well above that predicated by auction mechanism. This article aims to propose and implement a new type of online auction called Least and Unique Price (LUP). In the LUP auction, the winner will be the bidder who submits the least and unique price. Moreover, late bidding and specific closing time also be overcome by the LUP auction. In addition, this article presents the practical implementation of the proposed auction. In order to evaluate the proposed auction a comparative analysis of different auction types and the proposed one has been done.

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