If you ask e-Bay for an explanation of Dutch Auctions, you will get
quite a lengthy response. In short, this is a format most often used
when a quantity of identical items is offered. The price quoted is the
minimum price which will be accepted for each one. You can bid on one or
more, and at the end, if all the items have been accounted for, those
who offered most per item get the number they asked for, down the bid
list until there are no more items left. HOWEVER, the price paid by the
lowest successful bidder is the price paid by ALL successful bidders.
Clear?
John Slade
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