Chinese auction
Chinese auction is a type of the all-pay auction, where the probability of winning depends on the relative size of a participant's bid. The choice of the winner is done by a lottery, whereby the bidders compete for a higher chance of winning.
| Part of a series on |
| Auctions |
|---|
| Types |
|
| Bidding |
|
| Contexts |
| Theory |
|
| Online |
It is also known as penny raffle, chance auction and tricky tray.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.