A type of auction in which the auctioneer starts by auctioning with a high price, which is lowered until a participant is willing to accept the auctioneer’s price, or until the reserve price is reached, which is the minimum price accepted for that sale. The winning participant pays the last announced price. It is a faster method than the traditional ascending price auction. It is a descending price auction used in the flower market in the Netherlands and in some fish markets in Spain.
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