uniform price auction Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “uniform price auction” in the English Dictionary

"uniform price auction" in Business English

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uniform price auctionnoun [C]

uk   us   (also Dutch auction)
COMMERCE a ​publicsale in which a ​fixednumber of similar things are ​sold at the same ​price. Each ​buyerasks for a particular ​amount and ​offers a particular ​price that they are ​willing to ​pay. The ​buyer that ​offers the most is the first to receive the ​goods that they have ​asked for, and then the ​goods are ​sold to other ​buyers in ​order, according to how much they have ​offered, until all the ​goods are gone. The ​price of the ​goods is then ​fixed at a ​level that is the same for every ​buyer: The ​sale will be ​conducted as a ​uniformpriceauction, and ​prospectivebuyers will be ​asked to ​submitsealedbids.
(Definition of uniform price auction from the Cambridge Business English Dictionary © Cambridge University Press)
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