Japanese auction

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A Japanese Auction is a form of auction.

The main feature of the Japanese auction is that bidders must bid at each level to remain in the running for the featured item. For example, if the starting bid on an item is $25, all interested bidders must bid $25. If the next bid is $30, and a bidder does not bid $30, the bidder cannot re-enter the bidding, even if s/he is willing to bid higher than $30.

The auction continues until only one bidder remains.

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