Reverse auction

Reverse Auctions are very similar to the standard 'Auctions' that are present world over.

The only difference is the role of the parties transacting in a reverse auction are 'reversed'.

In a standard (forward) auction, the seller puts up an item for sale, multiple buyers bid for the item and depending on the nature of the auction (English or Dutch), one or many of the highest bidders walk away with the booty by paying the winning bid price.

In a reverse auction, as mentioned earlier, the roles are reversed. Here, a buyer puts up a request to purchase a particular item. Multiple sellers bid to sell the requested item and the winner of the reverse auction is the seller who agrees to sell the requested item at the cheapest price.

Rule of thumb: In a forward auction, the price goes up... In a reverse auction, the price comes down.

Any other inputs would be appreciated :)