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单词 reverse auction
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reverse auction
reverse auction n. any of various types of auction in which the normal bidding process is modified, spec. one in which the purchaser of a product or service invites bids from multiple vendors and typically selects the lowest offer.
ΚΠ
1915 Archit. & Building Dec. 424 Competitive bidding nowadays is a reverse auction.
1926 Chicago Tribune 4 July iii. 2/4Reverse auction’... The firm will put the residence on sale July 4 at $33,500, and will then reduce the price $100 per day until the property is sold.
1958 Managem. Sci. 5 19 The experimenter offered to any one of three teenagers a baby-sitting job, the baby-sitter being selected at a reverse auction (lowest bidder wins).
2002 P. Kotler et al. Marketing Moves i. 15 Business buyers can run a reverse auction, in which sellers compete using a given time period to underprice one another in order to capture the buyer's business.
extracted from reverseadj.adv.
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