... the estimate amount of oil that present. There are also different types of bidding rules. The English auction, also know as first price ascending bids, starts with a reserve price (the lowest price the seller is willing to sell the item), bidders successively offer higher prices, and then each bid must exceed the previous bid by an minimal bid increment. When no participant is willing to increase his or her bids more, the item will be awarded to the last bidder who put the bid, he's also the highest price bidder. Dutch auction is the reverse of the English auction, the auctioneer will starts with a high price, and then gradually decrease the price until someone place a bid. Seal- bid is when each bidder writes down their bids on a piece of paper, all the bids were collected and the item will goes to the person will the highest bid. ...

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