<P> A less regulated auction where the bidders are not bound by their bids, and the seller is free to accept or decline any bid made is sometimes called a Swedish auction, a term originally made up by an English journalist writing about the Swedish real estate market . In August 2017, several Swedish housing brokers asked the law to change, so as to make the bidding binding . </P> <P> A candle auction is a variation in which the end of the auction is signaled by the expiration of a candle flame . This was intended to ensure that no one could know exactly when the auction would end and make a last - second bid . </P> <P> A Japanese auction is a variant in which the current price changes continuously according to the auctioneer's clock, rather than by bidders' outcries . Bidders can only decide if and when to exit the arena . At first glance, this seems equivalent to English auction: apparently, in an English auction, it is a dominant strategy for each buyer whose price is above the displayed price, to always bid the minimal allowed increment (e.g. one cent) above the displayed price, so the price should increase continuously . However, in real - life English auctions, jump bidding is often observed: buyers increase the displayed price much more than the minimal allowed increment . Obviously, jump - bidding is not possible in a Japanese auction . This may be seen as either an advantage or a disadvantage of the English auction format . </P> <P> The English auction has variants for selling multiple identical items or multiple different items . See also for a comparison . </P>

What is the dominant strategy in an ascending bid (or english) auction