| 摘要 |
A continuous clock auction with proxy bidding can be a forward auction or a reverse auction, for one or more products. An auction manager determines initial eligibility for each bidder, and sets a starting price for each product. At the initial starting price(s), bidders submit initial offers for each product. A bidder's initial offer cannot exceed his initial eligibility. Bidders may also specify proxy bids, comprising all or part of a bidding strategy. Bidding occurs in a sequence of rounds. At the end of a round, the next round begins. Thus, the clock runs continuously. At the end of each round, the auction manager adjusts the prices based on demand. After each price change, bidders can adjust their bids. The auction ends when prices reach the point at which no product is over-subscribed.
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