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The IdeaFeX Auction Method
Our auction leverages competitive bidding innovatively to secure optimal price discovery. To understand how this works, we need to examine some principles of auctions in general.
The simplest auctions involve one item that can only be sold to one bidder, if it ever gets sold. Usually, this entails either first- or second-price auction, and economics theory teaches us that optimal price discovery is ensured by design in both cases. As we move to multiple items, however, modifications are necessary to optimize price discovery.
This is the exert of a post published by us at: https://medium.com/@IdeaFeX/ideafex-deep-dive-19-features-deep-dive-b-bd54fd25b1d2