This is a centralized protocol for redistributing resources among agents. Each agent attaches a value to each resource. The seller asks a price for a resource and buyer offers a price and they negotiate over the Internet to achieve a desired outcome satisfying to both; else the negotiation fails.
Electronic auctions offer an electronic implementation of the biding mechanism known from the traditional auctions. E-auctions can be accompanied by multimedia presentations of the goods. They also include integration of the bidding process with contracting, payments and delivery. Benefits for suppliers and buyers are increased efficiency, timesaving, and global sourcing.