About Sequential Auctions
Sequential auctions are a series of auctions conducted one after the other, typically for related or similar items. This method contrasts with simultaneous auctions, where all items are auctioned at the same time. Here are some key features of sequential auctions:
1. Order and Sequence: Items are auctioned in a specific order, one after another. The sequence can significantly impact bidders' strategies and outcomes.
2. Bidder Behavior: Bidders can adjust their strategies based on the outcomes of earlier auctions. For example, if a bidder fails to win an early item, they might bid more aggressively in subsequent auctions.
3. Price Trends: The prices of items can vary depending on their position in the sequence. Earlier items may fetch higher or lower prices based on bidder demand and perceived value.
4. Information Revelation: As each auction concludes, information about the winning bids and bidders' strategies becomes available, which can influence subsequent bidding behavior.
5. Budget Constraints: Bidders need to manage their budgets across multiple auctions. Winning or losing an item can impact their available funds for later auctions.
6. Complementarity and Substitutability: Items auctioned sequentially may be complementary (value increases when combined with other items) or substitutable (one item can replace another). This affects bidding strategies.
7. Auction Formats: Different formats can be used for sequential auctions, such as English auctions (ascending price), Dutch auctions (descending price), or sealed-bid auctions.
8. Winner's Curse: In sequential auctions, the winner's curse (the tendency for the winning bid to exceed the intrinsic value of the item) can be mitigated as bidders gain more information from previous auctions.
9. Complex Strategy Development: Bidders may develop complex strategies to optimize their chances of winning desired items at favorable prices, considering the outcomes of previous rounds.
10. Dynamic Participation: Bidders can decide to enter or exit the auction process based on their success in earlier rounds and remaining interest or budget.
These features make sequential auctions a dynamic and strategic auction format, requiring bidders to continuously adapt their strategies based on evolving circumstances.
Configure Sequential Auctions
omniAuctions support sequential auctions by allowing to set start time of the auction with the START OR END of another auction.
- Navigate to edit your auction at omniAuctions \ Manage Auctions\ Auctions.
- Select Edit from Auction Options menu.
- Navigate to Info section.
- Select Sequential Auction for this auction.
- Select when you want sequence to start: Auction End or Auction Start. When selected End - this auction will start with sequential auction will end, When selected Start - this auction will start when sequential auction start.
