Bidding

From Wikipedia, the free encyclopedia

'Bidding is an offer (often competitive) of setting a price one is willing to pay for something. A price offer is called a bid. The term may be used in context of auctions, stock exchange or card games.

"Bidding up" means rising a price for an item by a series of rising bids. It may be unlawful, if done by a group of persons with an interest in rising the price. ^[1] In traditional auctions, bidding up is a natural course of events. Since 1990s, with the emergence of online auctions, reverse auctions gained popularity, in which the traditional roles of buyers and sellers are reversed, and the goal of bidding is to drive the price down, similar to bid shopping practice of selecting a contractor to do a job.

[edit] See also

• Bid price
• Bidding fee scheme
• Construction bidding
• Price war
• Procurement
• Tenders
• Unique bid auction

[edit] References

1. ^ Black's Law Dictionary