Online Auctions have become an important mode through which commercial transactions take place through bidding over the internet. Currently these auctions, also referred to as E-auctions are much in use as can be seen from the emerging online auction sites. An Online auction site provides a common platform to buyers and sellers where the former can take advantage of an optimal bidding strategy to fulfill the needs of products or services and the latter can sell its products at competitive prices without any geographical constraint. There are different types of online auctions that bidder can indulge into depending upon the preference such as sequential auctions, Multi-unit auctions, etc. Through online auction sites, users can buy a wide range of products such as Electronic goods, Computers, laptops, Jewelry, bags, Clothes, Watches, Shoes, Holiday packages, Packages, Cars, Mobile phones, cameras, etc. These sites appear as a virtual marketplace presenting several opportunities before the internet users to shop for their favorite items. An
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