Japanese auction

A Japanese auction^[1] (also called ascending clock auction^[2]) is a dynamic auction format. It proceeds in the following way.

An initial price is displayed. This is usually a low price - it may be either 0 or the seller's reserve price.
All buyers that are interested in buying the item at the displayed price enter the auction arena.
The displayed price increases continuously, or by small discrete steps (e.g. one cent per second).
Each buyer may exit the arena at any moment.
No exiting buyer is allowed to re-enter the arena.
When a single buyer remains in the arena, the auction stops. The remaining buyer wins the item and pays the displayed price.

^ Schindler, J., 2003. Late bidding on the Internet. Working paper. University of Vienna. Archived at Archive.org
^ Milgrom, Paul; Segal, Ilya (2014). "Deferred-acceptance auctions and radio spectrum reallocation". Proceedings of the fifteenth ACM conference on Economics and computation - EC '14. p. 185. doi:10.1145/2600057.2602834. ISBN 9781450325653.