Lowest Unique Bid Auction
A unique bid auction is a strategy game related to traditional auctions where the winner is usually the individual with the lowest unique bid. Unique bid auctions are often used as a form of competition and strategy game where bidders pay a non-fundable fee to make a bid or may have to pay a subscription fee in order to be able to participate.
Mechanism
This type of auction requires bidders to place bids that are unique global bids. For a bid to be eligible to win, no other bidder can have made a bid for the same amount. Bidders are generally able to place multiple bids, and the number of current bids at each amount is typically kept secret. Bidders get to know whether their bid was unique and whether it was the lowest unique. Information is updated in real-time, but every bidder only sees what's relevant to their bids.
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