非竞争投标拍卖的中文解释

一种不用出价的竞标方式，美国拍卖公债时常用。非竞争投标主要是为小额投资者所设，支付的价格是竞争性投标者的平均出价。如果非竞争投标者可优先得标，竞争性投标者的得标额可能会显著减少。

Non-competitive Bid Auction的英文解释

An auction which allows bids for quantity rather than price, particularly for government securities. The non-competitive bidder pays the average price determined by the competitive bidders. These bids allow small investors to participate in the auction. Non-competitive bids are given priority and are awarded in full, so they can reduce the amounts available to competitive bidders.

• available [ə´veiləbəl]   a.可用的；有效的   (初中英语单词)
• auction [´ɔ:kʃən]   n.&vt.拍卖   (英语四级单词)
• competitive [kəm´petitiv]   a.竞争的，比赛的   (英语四级单词)
• participate [pɑ:´tisipeit]   v.参与；分享；带有   (英语四级单词)