as the use of automated bids, using search engines to find items, and the ability for users to view items by categories. Along with these benefits, online auctions have greatly increased the variety of goods and services that can be bought and sold in an auction format. Types English auctions English auctions are also known as open outcry or raise prices. Their origins can be traced back to the end of the second century. The ancient Roman heralds announced to the world and were responsible for auctioning some court items and selling them to the highest bidder. In live terms, English auctions are where bids are announced by either an auctioneer or by the bidders, and winners pay what they bid to receive the object. English auctions are the most common third-party online auction format and are known for their simplicity. English auctions are an ascending open bid where attendees are aware of the other bids with the winner being the highest bidder. The popularity of the English auction is due to the fact that it uses a mechanism that people find familiar and intuitive, which therefore reduces transaction costs. Additionally, the English auction format is popular due to its ease-of-use in an online environment. Dutch auctions In a Dutch auction, the item is initially auctioned for the highest price. This price is gradually reduced over time until a bid is received, thereby reserving the auctioned item for the bidder at the current price. Bidders must balance certainty with the price of the item. Bidding early can secure the item, but it is easy to pay a premium for it. Bidding later at a lower price may lose out to another bidder. First-price sealed-bid First-price sealed-bid auctions are when a single bid is made by all bidding parties and the single-highest bidder wins and pays what they bid. The main difference between this and English auctions is that bids are not openly viewable or announced, as opposed to the competitive nature which is generated by public bids. From the game-theoretic point of view, the first-price sealed-bid auction is strategically equivalent to the Dutch auction; that is, in both auctions the players will be using the same bidding strategies. Vickrey auction The Vickrey auction, also known as the stamp collector's auction or the second sealed auction, uses a similar principle to a first-price sealed-bid auction. However, the highest bidder only pays