Auction Terminology Translation

An English auction on the Internet is called:

Absolute Auction
Ascending Price Auction
English Auction
Forward Auction
Reserve Price Auction
Standard Auction
Straight Auction
Straight Bidding
Traditional Auction
Yankee Auction

Classic Dutch on the Internet is called:

Automarkdown
Bidder’s Choice
Declining Dutch Auction
Dutch Auction
Reverse Auction

Sealed Bid auction on the Internet is called:

Private Auction
Sealed Bid Auction
Yankee Auction

Dutch – Vickrey auction on the Internet is called:

Dutch Auction
Second or Lowest Price Option
Vickrey Option

Proxy Bidding Agents on the Internet are called:

Auto-Bidding
Automatic Bidding
Bid Buddy
Bid Butler
Bid-Click
Maximum Bid
Proxy
Proxy Auction
Proxy Bid
Robo Bid

 Dangerous Terminology

When an auction site refers to a Dutch auction, they are refering to either a Classic Dutch or a Dutch – Vickrey. They are quite different and your optimal bidding and selling strategies are quite different as well. If the price declines at regular intervals until a bidder accepts, it is a Classic Dutch. If there are multiple units being sold and all winning bidders pay the same price, the lowest winning bid, then it is a Dutch – Vickrey.

When an auction site refers to a Yankee auction, they are referring to either an English or a Sealed Bid. They are quite different and your optimal bidding and selling strategies are quite different as well. If you can see the current high bid it is English, otherwise it is Sealed Bid.

When an auction site refers to a Reverse auction, they are referring to either a Classic Dutch or a Reverse English. If one or more items are being sold and the price declines at regular intervals until a bidder accepts, it is a Classic Dutch. If items are being purchased, that is to say, if bidders are offering to sell goods, then it is a Reverse English.