A Japanese auction, also known as a "Japanese auction format," is a type of auction that differs from traditional bidding methods. In a Japanese auction, the process typically involves an ascending price format where participants continue to indicate their willingness to pay for an item or item lot. Here are some key characteristics of a Japanese auction: 1. **Bidders Indicate Willingness**: Instead of making specific monetary bids, participants indicate whether they are willing to accept an increasing price.
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