online auction

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An auction organized via a Web site. The company organizing the auction places an item for auction on their site with a low starting price. Visitors to the site then bid for the item as in a normal auction, the only difference being that there is often an advertised time when the auction is deemed to have finished. This time might be expressed as a specific date or a certain number of days after the last bid has been received. Sometimes the auctions are organized in real time; in this case they closely mimic their conventional, non-electronic, counterparts.

Subjects: Computing.

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