name your own price auction

A "name your own price" auction is a type of online auction in which bidders are asked to submit a bid that specifies the maximum amount they are willing to pay for a particular item. The item is then sold to the highest bidder (not necessarily the highest price) and the seller earns a commission based on the amount of the successful bid. This type of auction allows buyers to find the best possible deal and encourages competition among bidders. Additionally, it gives sellers a way to control the pricing of items, making it a more cost-effective way to sell than more traditional auction formats.