Re: OT: Junk/Dim S(ui)m

Christophe Grandsire wrote at 2003-09-15 21:36:30 (+0200)
 > En réponse à John Cowan :
 >
 >
 > >Fair enough.  But though "Dutch" is often used in the same way
 > >(D. anchor, D. courage, double D., D. treat, etc. etc.), a Dutch
 > >auction (the asking price is lowered steadily until someone bids)
 > >actually does seem to have been in use there.  The gambling aspect
 > >of what Kou described does make it seem at least a tad Chinese....
 >
 > I find strange that the kind of auction where the asking price is
 > lowered until someone bids is called "Dutch Auction". I've been
 > watching "Bargain Hunt" on the BBC, and it seems Britain doesn't
 > have *any* other kind of auction. So why give a special name to
 > something that's the default?
 >

Well, it's not.  In an English auction the price starts low and is
raised until you reach a point which no bidder is willing to exceed.
Admittedly, if there are no offers at the initial asking price, it's
dropped until someone is willing to bid, but then it goes up in the
normal fashion (assuming more than one bidder).  In a Dutch auction
the price starts out high and decreases until someone bids, and then
the item is sold to that bidder at that price.

http://www.gametheory.net/Dictionary/Auctions/DutchAuction.html

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