Time Requirements
Each type of auction has its specific qualities such as pricing accuracy and time required for preparing and conducting the auction. The number of simultaneous bidders is of critical importance. Open bidding during an extended period of time with many bidders will result in a final bid that is very close to the true market value. Where there are few bidders and each bidder is allowed only one bid, time is saved, but the winning bid may not reflect the true market value with any degree of accuracy. Of special interest and importance during the actual auction is the time elapsed from the moment that the first bid is revealed to the moment that the final (winning) bid has become a binding agreement.
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Famous quotes containing the word time:
“The democratic youth ... lives along day by day, gratifying the desire that occurs to him, at one time drinking and listening to the flute, at another downing water and reducing, now practising gymnastic, and again idling and neglecting everything; and sometimes spending his time as though he were occupied in philosophy.”
—Plato (c. 427–347 B.C.)