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Call M the maximum bid among the other bidders.
So instead of bidding on the $9.99 clock, I typed "$126" into the Maximum Bid box.
Absentee bidding is a service the company has always provided for buyers who submit the maximum price they are willing to pay for an item or a lot.
However, Ofcom says the maximum bids were only theoretical.
Vodafone, which emerged with more airwaves than other bidders having spent £790m, submitted a £2bn maximum bid, while Telefónica, owner of the O2 brand, was prepared to pay up to £1.2bn.
If Tanaka is posted, the Yankees are expected to submit a maximum bid and then try to sign him to a contract.
The Twins submitted the highest bid to his former team in Japan for negotiating rights.
Currently, some online auctions, such as eBay, introduce a proxy bidding policy, under which bidders submit their maximum bids and delegate to a proxy agent to automatically outbid other competitors for the top bidder, whereas other online auctions do not.
Grangemouth and the Teesside Low Carbon Project had submitted the two unsuccessful bids.
In most variants of sealed-bid auction, the goods is awarded to the buyer who submits the highest bid, and only the winner pays.
In other words, to submit the optimal bid is the mutually best response for all the bidders.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com