= English auction
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= Ascending-price auction
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In an ideal continuous-price auction with independent private values, bidders remain active up to their valuations. Without a reserve, the last remaining bidder wins at the second-highest valuation. With a <reserve price> $r$, there is no sale if every valuation is below $r$; otherwise the winner pays the larger of $r$ and the second-highest valuation. Strict versus weak inequalities at the reserve have no revenue effect for continuous valuation distributions. This payment rule is distinct from a <first-price sealed-bid auction>.
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