Process: Manage Sealed Bid auctions

 

Flow

Legend

 

Objective

Sealed Bid auctions trading mechanism.

 

Description

Sealed Bid auctions allow participants to submit a bid that is seen only by the auction administrator. Seller sets a submission deadline, and no bids received after that time are accepted. The bidder does not know the other bids submitted.

Every auction is governed by a set of rules that the bidder must read before participating. Auction rules are established during auction creation and include aspects such as these:

• The auction type.
• The product name.
• The quantity available.
• Whether a reserve price exists for the auction.
• The deposit amount to be forfeited if the winner refuses to accept the auctioned items. When an auction closes, deposits for all losers are refunded, while winners' deposits are also put toward the purchase price.
• The auction start date and time.
• The conditions under which the auction will end, such as a scheduled end date and time.
• Bid rules describing the minimum bid price, quantity.
• Pricing mechanisms for the auction. For a non-discriminative pricing mechanism, all winners are required to pay the price paid by the winner with the lowest winning bid. For a discriminative pricing mechanism, auction winners are required to pay their exact bid amounts.

If auction rules change during an auction, bidders must reread the rules before submitting or updating bids. Bids submitted prior to a rule change are not affected and may still win the bidding.

 

Features

• Manage Sealed Bid auctions. Includes creating, modifying, closing, and retracting sealed bid auctions.
• Manage bids, includes customers creating, modifying, and withdrawing bids, customers viewing all bids, seller withdrawing active bids, scheduler finalizing auction and selecting winning bids and scheduler creating orders for winning bids.
• Notification. Includes auction start notification, auction close notification, winning bid notification, and order complete notification.

 

Edition

Professional, Enterprise, Express

 

Subprocesses

• Close auction
• Create auction
• Place order for a winning bid
• Submit bids for Sealed Bid auction

 

Business artifacts

• Active bid
• Auction started notification
• Current auction
• Order completed bid
• Order completed notification
• Order with pending authorization
• Settlement closed auction
• Winning bid
• Winning bid notification

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