I work in an industry that utilizes a 2 minute rule for an auction platform. In this case the auctions last 15 minutes and will get extended for each increment if the rate is reduced. The time is extended from 2 minutes at the point of a reduced rate not each time someone bids. These are blind auction with the bidders only knowing if they are not winning.
This has been standard for over 20 years. The bidders are used to it and generally have been a positive platform. It has produced lower rates (which is good in this case) vs the alternative.
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