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Auctions play an important role in today’s market. The various types of online auctions are Chinese auction, Dutch auction, Sealed-bid first price auction, sealed second price auction, all pay auction and English auction. The Chinese auction is live auction saleswhich are also called as tricky tray and pick-a-price. It is usually held at fund raising events. The bidders will buy a tickets and the chance of winning is based on the number of tickets brought by bidders. In Dutch auction, the seller will say the highest rate of the product and the rate will be reduced whether the bidder is ready to pay the pre determined amount. In the sealed bid first auction, the entire bidder will simultaneously submit the rate of the seller and the bidder will get the product whose gives the highest rate. The sealed bid second price auction is also known as free to list auctions in which the bidder will pay the second highest amount and not the highest bid. In the all pay auction, all the participate should pay the amount whether they won or not. The English auction is most commonly using auctions in which the customer who pays the highest amount will be the winner of the auctions.
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