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what is a dutch auction?
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. In contrast, in a traditional English auction, the winning bid may be less than the bidder was willing to pay. https://en.wikipedia.org/wiki/Dutch_auction
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