In second price internet auctions with a fixed end time, such as those on eBay, many bidders snipe , i.e., they submit … their bids in the closing minutes or seconds of an auction. Late bids of this sort are much less frequent in auctions that … are automatically extended if a bid is submitted very late, as in auctions conducted on Amazon. We propose a model of …

be decentralized by sellers posting auctions combined with a fee that is paid by (or to) all buyers with whom the seller …

A great deal of late bidding has been observed on internet auctions such as eBay, which employ a second price auction … with a fixed deadline. Much less late bidding has been observed on internet auctions such as those run by Amazon, which …