Sample Text Passage Summaries: Text #1
An Introduction to Auctions

There are basically two types of auctions: ascending-bid auctions and descending-bid auctions. Ascending-bid auctions start out with a low bid for an object. The price of the object is gradually raised until only one bidder remains. By contrast, descending-bid auctions start out with a high bid and the price is progressively lowered until a customer expresses a willingness to purchase the object. Both procedures have a number of variants. For example, in some types of auctions a professional auctioneer declares the suggested bids. In other types of auctions, however, the customers make their own bids. Another variant, used at places such as eBay or Yahoo Auction, is called a "buyout option". A high price for an item is declared. Anyone willing to pay that price is guaranteed a purchase. This variant seems to appeal consumers who dislike uncertainty: for a fixed price they are guaranteed an object. "Buyout options" are most commonly used if the seller has a stock of several copies of the same item.

Both ascending-bid and descending-bid auctions can be conducted in either open or closed formats. In open formats, all participants know what exactly how much an object is going for. For example, at many Japanese fish markets, wholesalers gather around the fish to be purchased and raise their hands as the auctioneer names progressively higher prices. In closed auctions, participants are unaware of how much other participants are willing to pay for an object. For example, a case in which participants used sealed envelopes to place their bids on a piece of real estate represents this type of auction. Though open auctions generally yield higher prices, closed formats are sometimes preferred in situations in which the privacy of the prospective buyers is considered paramount or the need to document precisely how much each party bid is high.

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Sample Summary #1
There are two types of auctions: those in which the price starts out low and is gradually raised, and those in which the price starts out high and is gradually lowered. Both auction types have variants, such as a "buyout option" in which a customer is guaranteed an object if he/she is willing to pay a high price. Moreover, auctions can be conducted in open or closed formats. In closed formats, participants don't know how much others are willing to pay for an object since they use sealed envelopes or some secret method to make their bids. Though open auctions often result in higher sale prices, closed formats are sometimes preferred when privacy or the need for documentation is paramount.

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Sample Summary #2
In some types of auctions bids begin low and then gradually become higher. Others auctions use the opposite approach: commencing with a high bid and gradually becoming lower. There are lots of variants of these two basic approaches. For example, the "buyout option" available at some online auctions enables customers who dislike the uncertainty of bidding to obtain an object for a fixed, but high price. Although some auctions are held in open formats in which all customers know the going price for an object, other auctions are held in a closed format in which customers do not know how much their rivals are willing to pay for an object. Open auctions tend to generate higher bids, however closed auctions offer more privacy and better documentation of the respective bids.

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Sample Summary #3
Basically, two types of auctions exist. In ascending-bid auctions the price for an object starts out low and is increased by degrees. In descending-bid auctions a high bid is first made, then the price is consecutively lowered until someone expresses a willingness to pay the object. Numerous variations of these two patterns can be found. For example, the "buyout option" used in eBay, Yahoo Auction, and other places lets customers who detest uncertainity procure an object for a high price. Auctions can also be held in open or closed formats. Open formats are transparent: everyone knows what is current price for an object is. Closed formats are opague: only the seller is able to tell how much each customer is willing to pay for an object. Closed formats provide greater privacy and written documentation, though open formats generally spawn higher bids.

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