businesses.
Millions of collectibles, decor, appliances, computers, furnishings, equipment, vehicles, and other miscellaneous items are listed, bought, and sold daily. In 2005, eBay launched its Business & Industrial category, breaking into the industrial surplus business. Some items are rare and valuable, while many others are dusty gizmos that would have been discarded if not for the thousands of eager bidders worldwide. Anything may be offered for sale as long as it is not illegal and does not violate the eBay Prohibited and Restricted Items policy.[26] Services and intangibles can be sold, too. Large international companies, such as IBM, sell their newest products and offer services on eBay using competitive auctions and fixed-priced storefronts. Separate eBay sites such as eBay US and eBay UK allow the users to trade using the local currency. Software developers can create applications that integrate with eBay through the eBay API by joining the eBay Developers Program.[27] In June 2005, there were more than 15,000 members in the eBay Developers Program, comprising a broad range of companies creating software applications to support eBay buyers and sellers as well as eBay Affiliates.
Controversy has arisen over certain items put up for bid. For instance, in late 1999, a man offered one of his kidneys for auction on eBay, attempting to profit from the potentially lucrative (and, in the United States, illegal) market for transplantable human organs. On other occasions, people and even entire towns have been listed, often as a joke or to garner free publicity. In general, the company removes auctions that violate its terms of service agreement after hearing of the auction from an outsider; the company's policy is to not pre-approve transactions.
Bidding on eBay's auction-style listings is called proxy bidding and is essentially equivalent to a Vickrey auction, with the following exceptions.
Suppose bidding for an item starts at $1.00 and that the bid increment amount in this price range is $.25. Emily bids $3.00 for the item, and since no one else has bid yet, eBay displays that the current winner is Emily, with a bid of $1.00, and that the minimum allowable bid is $1.25, which is equal to one bidding increment above the winning bid. Suppose then that Tom bids $2.00 for the item. Since Emily has already bid more than Tom, eBay will display that the current winner is Emily, with a bid of $2.25, which equals the second-highest bid ($2.00) plus the bid increment amount ($.25). Again, eBay will also display that the minimum allowable bid is $2.50, one bid increment above the winning bid. Suppose that Tom bids again, this time at $2.75. Again, since Emily's bid is higher than Tom's, eBay will display that the current winning bidder is Emily, with a bid of $3.00, which is equal to the second-highest bid ($2.75) plus the bid increment ($.25). eBay will also display that the minimum allowable bid is $3.25, one bidding increment above the current winning bid. Suppose Tom bids one more time, at $10.00. Since Tom's bid is now higher than Emily's, eBay will display that the current winning bidder is Tom, with a bid of $3.25, which is equal to the second-highest bid ($3.00) plus the bid increment ($.25). If Tom were to win the auction, he would have to pay the amount equal to the winning bid ($3.25), even though his previous bid was much larger than that.
eBay offers several types of auctions.
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