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Offering and taking bids and finally giving the commodity in leiloes or auction to the highest bidder constitutes the process in any type of auction whether local, online, or electronic. Basic principle on which all types of auctions are conducted is highest bidder takes the auctioned property. Undetermined Value While the highest bidder principle forms the basis of any auction, this also means that the price of the property put to such auction is undetermined. Of course there could be some base or reserve price, but no upper limit is fixed whether it is local or online auction conducted electronically. Auction Basics In any type of auction whether it is online auction (leilao online) or electronic auction (leilao de electronics), there could be some fees payable to the Presiding Officer. If the bidding does not reach the minimum in reserve auctions, no buyer would be able to buy the product or services. However, when the auction is absolute or no reserve the sale would be guaranteed and the price would be determined on the bid that would be the offered price. A Peep into Auction History Ancient Greek scribes indicate that the first of the universally accepted auction occurred in Babylon around 500 B.C. In those days auctions were annual affair and even women were sold on the condition of marriage. While women with beauty were easily auctioned, those without it had to pay dowry. In Roman era the soldiers occupied lands and goods on the basis of their spear marks. It was perhaps this period when the regular leilo made its appearance in form of auction of properties starting from Marcus Aurelius. Online Auctions (Leilao Online) In the modern commercial world billions of dollars of goods and services change hands through the process of online auctions today. Statistics indicates that electronic auction (leilao de electronics) was responsible for transactions worth 52.5 billion dollars through 2.4 billion transactions in the year 2006. Most of the commercial houses therefore are highly concerned about designing strategies and allocating work load with the objective of optimizing revenue generation. Global Standardization Whatever the form of auction is, global standards have been coming up owing to various reasons. Online auction or electronic auction is mostly carried out on international platforms where bidders bid for the product or services and the highest bidder ultimately comes up as winner. Naturally, there has been a standardization of the process of auction online over the years. Computing Optional Strategies One of the problems with auction in its present form, ie., leilao online and leilao de electronics is that it is generally assumed that the economic agents can compute strategies to be adopted additionally for efficient transactions all on their own. Designing such additional strategies remains still a challenging task making people struggle.
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