biedmechanisme
Biedmechanisme, a Dutch term meaning bidding mechanism, refers to the set of rules and procedures that govern how bids are submitted, opened, evaluated, and a winner is selected in an auction or procurement process. It specifies who may bid, when and how bids are submitted, how prices move, how bids are revealed, and how the final award is determined. A bid mechanism may include requirements for bid security, eligibility, bid increments, and reserve prices, as well as rules for bid withdrawals or corrections and for handling ties or late bids.
Common forms include English auctions (open ascending bids, where the price rises until no higher bid is
A bid mechanism works through several components: bid submission, auction or evaluation rules, criteria for selecting
Applications span government procurement, art and collectibles, real estate, online marketplaces, and spectrum or license auctions.