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What is a highest unique bid auction?

April 26, 2017auction bid Highest

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What is a highest unique bid auction?

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A ‘Highest unique bid’ auction is very similar to a regular auction except for one fundamental difference: the person with the Highest single bid wins the auction rather than the person with the lowest single bid. Example: • $0.01 This Bid is the highest but it is NOT unique • $0.01 This Bid is the highest but it is NOT unique • $0.02 This bid is neither the highest or unique • $0.02 This bid is neither the highest or unique • $0.02 This bid is neither the highest or unique • $0.03 This bid is unique but it is not the highest • $0.04 This bid is neither the highest or unique • $0.04 This bid is neither the highest or unique • $0.04 This bid is neither the highest or unique • $0.05 This is the winning bid because it is the highest unique bid!