Siebel eAuction Guide > Managing Third-Party Auctions > Creating a New Auction >

Adding Auction Parameters (Vickrey Auction)

Price and time intervals are unique for Vickrey auctions. The following fields appear if you selected Vickrey as your auction type on the Auction Information screen. The quantity in a Vickrey or Reverse Vickrey auction is limited to one item.

To define auction parameters for a Vickrey auction

  1. Complete the following fields on the Create Auction wizard screen.

    2. Field
    Description
    Currency
    Click the select button to select the currency used for the auction.
    Start Price
    The Initial bid amount.
    Reserve Price
    The minimum winning bid you will accept for the item. Auctions that do not receive any bids at or above this price will produce no winner for the item.
    Bid Increment
    The minimum increase required for each new winning bid. Subsequent bids must beat the previous high bid by at least this amount.

    NOTE:  Because the reserve price is not disclosed to the end user, a successful bid shows up with a status of Winning and a positive Quantity Won. However, unless the reserve price is met, there is no order created.

  2. Click Next.

 Siebel eAuction Guide 
 Published: 18 April 2003