A Dutch auction is one of several similar kinds of auctions. Most commonly, it means an auction in which the auctioneer begins with a high asking price, and lowers it until some participant accepts the price, or it reaches a predetermined reserve price. This has also been called a clock auction or open - outcry descending - price auction. This type of auction is good for auctioning goods quickly, since a sale never requires more than one bid. Strategically, it 's similar to a first - price sealed - bid auction.
who determines the offer price in a dutch auction
the auctioneer