Table 6. Bidding Process Terms
Term
|
Definition
|
Accept Partial Quantity
|
Applies to a field included in the Siebel eAuction S_AUC_BID table of the database for use by bidders in multiple-quantity auctions. The TRUE or FALSE setting (ACCEPT_LESS_FLG) instructs Siebel eAuction whether to place a bid for less quantity than specified in a user's bid if that quantity is no longer available.
If set to TRUE, Siebel eAuction will automatically place a bid for the amount available. This makes it possible for a bidder to win some quantity of items.
If set to FALSE, Siebel eAuction will place a bid for the full quantity requested, but if the full amount is not available, no quantity is won.
Accept Partial Quantity is not available in Dutch auctions.
|
Auction type
|
The scheme that determines what sort of bidding will occur for an auction. Available auction types in Siebel eAuction include:
- English
- Reverse
- Dutch
- Modified English
- Vickrey
- Reverse Vickrey
|
AutoBid feature
|
AutoBid allows Siebel eAuction to place proxy bids for a bidder so the bidder does not have to constantly monitor the auction.
The AutoBid feature is not available when using Dutch, Vickrey, or other sealed auction types.
|
Dutch auction
|
An auction format in which the bid amount drops over time.
|
English auction
|
A typical, multiple-item auction in which winners are determined by ranking their bids in order of highest price and then by earliest time.
|
Modified English auction
|
A Modified English auction assigns the price of the lowest winning bid at the auction's close to all winners in the auction.
|
Private auction
|
An auction can be made from a category that is private. A private category is limited to a select group of users.
Bidding is not changed for a Private auction. The only difference between a Private auction and an auction open to the general public is the audience for the auction.
Examples of a Private auction include an auction set up only for members of a particular company, or an auction set up only for other auction administrators.
|
Reverse auction
|
An auction format in which winners are determined by ranking their bids in order of lowest bid and then by earliest time.
|
Sealed-bid auction
|
A bidder in a sealed-bid auction can see only the bidder's own bidding history. Other bids in a Sealed-bid auction remain hidden.
The Sealed-bid attribute can be applied to all bid types except for Dutch auctions, which are always non-sealed. The AutoBid feature is not available for Sealed-bid auctions. Vickrey and Reverse Vickrey auctions are automatically Sealed-bid auctions.
|
Timestamp Advantage
|
A property setting that allows the site administrator to determine if any advantage will be given to a bid based on its timestamp.
|
Timestamp Options
|
Number setting (1, 2, or 3) in the S_SYS_PREF table that determines what timestamp a bid will receive.
|
Vickrey auction
|
Winners in a Vickrey auction are assigned the price of the highest losing bid (also referred to as the highest unsuccessful bid).
All bids in a Vickrey auction are sealed. A Vickrey auction is always a single-quantity auction.
An auction can also be set up as a Reverse Vickrey, in which all winners in the auction are assigned the price of the lowest losing bid (also referred to as the lowest unsuccessful bid).
|
