Source: wikibot/first-price-sealed-bid-auction
= First-price sealed-bid auction
{wiki=First-price_sealed-bid_auction}
A first-price sealed-bid auction is a type of auction where bidders submit their bids without knowing the bids of the other participants. The key features of this auction format include: 1. **Sealed Bids**: Bidders submit their bids in a sealed manner. This means that once bids are submitted, they cannot be changed, and participants cannot see how much other bidders have offered.