48:
20:
558:'s diary of his London life records two occasions when the Admiralty (his employer) sold surplus ships "by an inch of candle" (November 1660 and September 1662). Pepys also relates a hint from a highly successful bidder, who had observed that, just before expiring, a candle-wick always flares up slightly: on seeing this, he would shout his final – and winning – bid.
605:. In these auctions, a computer randomly selects the time when the auction will end to discourage snipers from attempting to enter bids at the last second. Both theoretically and experimentally, bidders submit serious bids from the start in candle auctions.
648:
A Handy Book Of
Curious Information Comprising Strange Happenings in the Life of Men and Animals, Odd Statistics, Extraordinary Phenomena and Out of the Way Facts Concerning the Wonderlands of the Earth.
543:
flame, which was intended to ensure that no one could know exactly when the auction would end and make a last-second bid. Sometimes, other unpredictable processes, such as a
550:
Auction by the candle was known in
England by 1641, when it is mentioned in the records of the House of Lords. The practice rapidly became popular, and in 1652,
507:
554:
wrote, "The
Council thinks it meet to propose the way of selling by inch of candle, as being the most probable means to procure the true value of the goods."
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that became popular in the 17th and 18th centuries. In a candle auction, the end of the auction is signaled by the expiration of a
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Although the candle auction went out of favour in the 17th century, it was still not uncommon in the sale of ships at
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252:
177:
172:
594:, the 1-acre (4,000 m) White Bread Meadow is auctioned by means of a race between two boys from the town.
227:
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447:
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137:
687:
FĂĽllbrunn, Sascha; Sadrieh, Abdolkarim (2012), "Sudden
Termination Auctions - An Experimental Study",
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8:
590:, two pieces of land, Alton Mead and Bere (or Beer) Mead, are auctioned annually, and in
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586:, a 6-acre (24,000 m) plot is auctioned by candle once per year. In
582:, a plot of church land is sold by candle auction once every 21 years. In
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19:
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571:, among other ships, was offered for sale in a candle auction in 1828.
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A candle auction closes when the flame of a wax candle runs out
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A few candle auctions are still held today as a form of
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A modern variant of the candle auction is used in some
547:, were used in place of the expiration of a candle.
565:in London in the early 19th century. For instance,
677:. Newton Abbot: David & Charles, 2007. 76-77.
725:
686:
650:Philadelphia: J.B. Lippincott Co., 1913. 63-64.
691:, vol. 21, no. 2, pp. 519–540,
689:Journal of Economics & Management Strategy
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515:
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661:London Public Ledger And Daily Advertiser
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628:R.W. Patten. "Tatworth Candle Auction."
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697:10.1111/j.1530-9134.2012.00329.x
632:81, No. 2 (Summer 1970), 132-135
535:, is a variation on the typical
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1:
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7:
10:
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483:Private electronic market
663:, 15 February 1828, p.4.
178:Generalized second-price
173:Generalized first-price
675:Curious County Customs
228:Simultaneous ascending
24:
533:auction by the candle
263:Vickrey–Clarke–Groves
22:
592:Bourne, Lincolnshire
563:Lloyd's Coffee House
143:Discriminatory price
601:systems to prevent
453:Revenue equivalence
138:Deferred-acceptance
223:Sealed first-price
25:
646:William S. Walsh
580:Chedzoy, Somerset
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524:
303:Cancellation hunt
253:Value of revenues
123:Click-box bidding
16:Method of auction
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734:Types of auction
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568:Sarah Christiana
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448:Price of anarchy
298:Calor licitantis
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673:Jeremy Hobson.
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603:auction sniping
537:English auction
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328:Tacit collusion
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193:Multi-attribute
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556:Samuel Pepys
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378:Domain names
233:Single-price
133:Common value
117:
706:2066/111846
552:John Milton
93:Anglo-Dutch
76:Bidding fee
609:References
348:Algorithms
248:Unique bid
203:No-reserve
576:tradition
413:Virginity
268:Walrasian
198:Multiunit
108:Brazilian
88:Amsterdam
728:Category
715:54572720
630:Folklore
584:Tatworth
545:footrace
488:Software
478:Ebidding
403:Spectrum
368:Children
338:Contexts
218:Scottish
188:Knapsack
183:Japanese
113:Calcutta
40:Auctions
32:a series
30:Part of
383:Flowers
373:Players
363:Charity
323:Suicide
318:Sniping
313:Rigging
293:Shading
283:Bidding
258:Vickrey
213:Reverse
163:Forward
158:English
71:Chinese
66:All-pay
713:
541:candle
468:Online
433:Theory
408:Stamps
398:Slaves
273:Yankee
168:French
148:Double
118:Candle
81:Dollar
711:S2CID
578:. In
531:, or
423:Wives
388:Loans
353:Autos
153:Dutch
56:Types
418:Wine
393:Scam
308:Jump
208:Rank
701:hdl
693:doi
358:Art
730::
709:,
699:,
637:^
617:^
527:A
34:on
703::
695::
516:e
509:t
502:v
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
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