THE AGORA NOMIC CODE OF REGULATIONS These ACORNs are also online at http://agoranomic.org/ruleset/
Date of this ACORN: 30 Aug 2020 ======================================================================== Auction Regulations This section has the regulations, written by the Treasuror, governing how auctions proceed. ------------------------------------------------------------------------ Regulation AM0/0 Generalized Auction Generalized auctions exist to give context to the form of other types of auctions. They cannot be held directly. Other auction methods that use this type of auction as a starting point can override attributes of generalized auctions except when it is explicitly stated that that attribute is not able to be overridden. 1. INITIATION: * The auctioneer CAN begin an auction that e is authorized to by creating a public message (henceforth the "initiation message"), specifying the type of auction method that will be held, a list of lots that will be auctioned off, and the currency that the auction uses. Bidding is initally open. * Derivative auction methods cannot specify the exclusion of any information listed above from the initiation message of auctions using that method. 2. BIDDING: * Players CAN place a bid on an open auction by creating a public message (henceforth a "bid message") specifying a number of the auction's currency as eir bid not equal to the bid of another player. * Players CAN withdraw from an open auction by announcement. 3. TERMINATION: * Bidding is closed four days after either the beginning of the auction or after the most recent bid was placed, whichever is later. The auction ends at this time as well. 4. AWARDING: * For each auction, there are a number of awardees equal to the number of lots. The Nth lot of an auction goes to the Nth awardee of that auction. If the identity of an awardee is undecidable, then that lot cannot be given away. * Auction methods specify how awardees are picked for auctions using that method. * Derivative auction methods should ensure that only players who have at least as much of that auction's currency as eir highest bid on that auction (hereafter "funded players") can be selected as awardees for auctions using that auction method. * The auctioneer of an auction SHALL within, four days after the ending of that auction, create a public message (henceforth the "termination message") that contains a full history of bids on the auction and withdrawals from the auction. It should also clearly indicate each awardee and the lot e recieves. 5. CLAIMING: * For a period of seven days after an auction ends, each awardee of that auction CAN transfer (or create in eir own possession if the item is new) the set of assets associated with the lot e won by paying a fee corresponding to eir winning bid. ------------------------------------------------------------------------ Regulation AM1/0 Forward Auctions Forward auctions function like generalized auctions except: * The Nth awardee for a forward auction is the player who submitted the Nth-highest bid in the set of all funded, non-withdrawn players' highest bids on that auction. ------------------------------------------------------------------------ Regulation AM2/0 Sealed-bid Auctions Sealed-bid auctions function like generalized auctions except: * Players can only submit bids on a sealed-bid auction if they do not have a bid in that auction. * Bids must be initially hidden so that it is impossible to tell its value but that it is verifiable that the amount bid was * decided before the bid was placed. Anything that claims to be a bid and fits these conditions is considered a bid. * Sealed-bid auctions do not end when bidding is closed. Instead, they end four days afterward. * Each player SHOULD reveal eir bid amount on a sealed-bid auction while the auction is closed but has not ended. If e does not do so then eir bid is nulled. * The termination message also includes whether or not each bid is null. * The Nth awardee of a sealed-bid auction is the non-withdrawn funded player whose bid is not nulled and is the Nth highest of all bids placed. ------------------------------------------------------------------------ Regulation AM3/0 Second-price Auctions Second-price auctions function like forward auctions except: * When claiming lots in a second-price auction, awardees instead pay a fee corresponding to the next-highest bid in the set of all funded, non-withdrawn players' highest bids in that auction. ------------------------------------------------------------------------ Regulation AM4/0 Nonwinning-price Auctions Nonwinning-price auctions function like forward auctions except: * When claiming lots in a nonwinning-price auction, awardees instead pay a fee corresponding to the highest bid on that auction from a funded, non-withdrawn player who is not an awardee. ------------------------------------------------------------------------ Regulation AM5/0 Selective-bid Auctions Selective-bit auctions function like generalized auctions except: * Bidding messages on a selective-bid auction must also specify a lot that is preferred. * The Nth awardee of a selective-bid auction is the highest bid from a funded, non-withdrawn player whose preferred bid is that lot. ------------------------------------------------------------------------