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DNN Store & Auction & Classified Ads & Slideshow module - Classified Pro - works with Second item auction

       Classified Pro is an enterprise-class DNN module which helps you creates an online store, auction website or publishes classified ads as easy as ABC. You can view more details at http://dnnmodule.com/Store/ModuleDetail/tabid/117/ProductId/29/Default.aspx. Classified Pro module supports nearly all types of auctions. In this page, we mainly focus its Second Item Auction feature.

     Classified Pro module handles Second Item Auction well. However,  we met a problem when we try to find out a  appropriate product to demonstrate this feature. Yes, it is easy to create a fake product which sell under Second Item Auction rules. But since the other demos (English Auction, Sealed first-price auction, Vickrey Auction) are real products, it will make visitors confused if we create a fake product here. So, we give up the idea to create products for Second Item Auction, only explain its rule below.

         Second Item Auction       
         Second item auction is the only one which supports more than 1 quantity of product. In a second item auction, the seller offers more than one identical item for sale, so that there may be more than one winning bidder. Each bidder can bid for all the items or only some of them, and publicly indicates the price that he/she is willing to pay for each item. However, all winning bidders need to pay only the lowest qualifying (successful) bid. If there are more successful bids than items available, priority goes to the bidders who submitted their bids first.

          In order to beat a competing bidder, one must bid a higher price per item than that competitor, regardless of the number of items that are being bid for. Here is an example of how this might work:

         The seller auctions 5 identical items.
         Bidder "A" bids for 2 items at $20 each.
         Bidder "B" bids for 4 items at $21 each.
          Bidder "C" bids for 3 items at $18 each.

         The outcome of this auction would be:
         Bidder "B" wins 4 items at $20 each....
         Bidder "A" wins 1 item at $20 each.

         The price is $20 because that was the lowest successful bid (hence the second price).
         Since Bidder "A" was only awarded 1 item, and his original bid was for 2 items, he has the right to refuse the purchase of that partial amount.
         As a winning bidder, you have the right to refuse paying if you are only awarded less than the number of the items you were bidding on.