Concept information
Preferred term
auction market
Definition
- Auctions are a form of trade, a mechanism to match a buyer and seller for any item of value. The valuation of items is usually subjective and is usually achieved through a bidding process that finally ends after the last bid is accepted by the seller. [Source: Encyclopedia of Business Ethics and Society; Auction Market]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/auction_market
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