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English Auctions
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English auctions are probably the most common type. Users bid the highest
price they are willing to pay for an item and bidding activity stops when
the auction duration is complete. The item is sold to the highest bidder at their bid price.
English auctions also allow the seller to specify a reserve price below
which the item will not be sold.
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Hidden Reserve Auctions
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Hidden Reserve: Reserve is set for an item but hidden from buyers.
When a buyer places a bid, it will let bidder know that the reserve has not been met.
If the reserve is met, it will let bidder know the reserve has been met.
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Visible Reserve Auctions
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Visible Reserve: Reserve set for each item. This is visible to everyone.
Bidders will see the reserve set prior to bidding.
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