Straight Auction System is a trading mode that is most popular among farmers since they can understand it the best.
General System Properties:
- Real time
- Networked Markets exchanging spot prices
- Trade online via internet
Mode: Straight Auction
Method:
- Sellers bring commodities to the marketplace.
- Market sorts classify and weigh the commodities.
- Market sets auction time start and end time.
- Sellers set minimum price for the auction.
- Buyers can submit bids until the time runs out.
- Highest bidder win.
