Japanese Auctions

What are Japanese auctions ? The Host states an opening price and participants have to accept that price level or withdraw from the auction. Acceptance indicates that the participant is prepared to supply at the stated price. When all participants reply to a certain price, the software lowers the price level by a pre-determined amount and again asks participants to accept or decline at the new price level. This kind of auction continues until there are no more participants bidding.

For more information on Japanese Auctions talk to Market Dojo