Japanese auction
Host this auctionThe price rises automatically while bidders decide whether to stay in or drop out. Anyone who drops out is finished. When only one bidder remains, that bidder buys the item at the current price.
Try the rising price
The ticket is worth $80 to you. You remain in the auction until you choose to drop out.
How it differs from an English auction
In an English auction, you can stay quiet for a while and then offer more than the leading bid. In a Japanese auction, you stay in as the price rises and leave when you no longer want to buy. You cannot wait for the others to leave and then return.
The auction also controls the increases. No bidder can jump the price or make a surprise counteroffer. Each step asks the remaining bidders the same question: are you still willing to buy at this price?
Deciding when to leave
If you have a firm spending limit, you can stay in while the price is acceptable and leave before it goes beyond that limit. Leaving earlier gives up a possible purchase at a price you would still have been happy to pay.
The auction stops as soon as the last competing bidder leaves. If that happens below your limit, you get the item at the lower price.
Host this auction
Choose the opening price, the size of each increase and how often the price rises. Everyone who joins the room starts in when you open bidding, then stays in until they drop out. The last bidder remaining buys at the current price.
Small increases give bidders more control over when to leave. If several bidders remain at the time limit, a random priority announced at the start chooses the winner at the current price.