Proto-Regulation AM6/0
Reverse Auctions
Reverse auctions function like generalized auctions except:
* Instead of selling high, it buys low. In other words, instead of
auctioning a fixed set of assets to someone who bids high, it
auctions a variable portion of a set of assets to someone who
bids a fixed amount in return for a low portion.
* All lots must be a fixed amount of the same currency (henceforth
the "offered amount/currency").
* The initiation message must specify a number of the auction's
currency (henceforth the "desired amount").
* Bid messages implicitly specify the desired amount and CANNOT
explicitly specify a different amount. Instead, they must
specify an amount of the offered currency not equal to the bid
of another player and not exceeding the offered amount.
* The Nth awardee is the player who submitted the Nth-lowest bid
in the set of all funded, non-withdrawn players' lowest bids on
that auction, with "lowest" measured by the offered currency
and "funded" measured by the desired amount.
* An awardee can only transfer (or create) the amount of the
offered currency specified in eir winning bid.
[Sample usage: Alice says "I reverse-auction two lots of 30 coins for
1 pendant each." Bob bids 30, Charlie 25, David 20, Edmund 15, but David
then spends all eir pendants before the end. Edmund and Charlie win;
Edmund can pay Alice 1 pendant for 15 coins, Charlie can pay 1 for 25.]
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