English

Chinese auction

A Chinese auction is a combination of a raffle and an auction that is typically featured at charity, church festival and numerous other events. It can also be known as penny social, penny sale, tricky tray or pick-a-prize according to local custom, or to avoid causing offense. A Chinese auction is a combination of a raffle and an auction that is typically featured at charity, church festival and numerous other events. It can also be known as penny social, penny sale, tricky tray or pick-a-prize according to local custom, or to avoid causing offense. It is unclear whether this type of auction actually originated in China; it is much more likely that the term derives from 'chance auction,' which is also another name for this type of auction. The term 'Chinese' may have been used in this case to convey that this type of auction was mysterious, intriguing, or secretive.

[ "Generalized second-price auction", "Vickrey auction", "Eauction", "Revenue equivalence", "Vickrey–Clarke–Groves auction", "Forward auction", "Unique bid auction" ]
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