User:S1mple YYY123/English auction

Another variation of the English auction is conducted by an auctioneer. He first calls out a low price and then raises the price, usually a small increase, provided that there are at least two interested bidders. When there is only one interested bidder, the auction stops. One way to formally model a potential game is to assume that prices continue to rise, and each bidder expresses in an obvious way that they are interested in buying at the current price, such as by raising their hands. Once the bidder finds that the price is too high, he will drop his hands to show that he is no longer interested. At the end of the auction, only one bidder was still interested. This bidder wins the item and pays the auctioneer an amount equal to the price when the penultimate bidder withdrew.