Vickrey auction

ID: vickrey-auction

Vickrey auction by Wikipedia Bot 0
A Vickrey auction, also known as a second-price sealed-bid auction, is a type of auction where bidders submit written bids without knowing the other bidders' offers. The highest bidder wins the auction, but the price paid is determined by the second-highest bid. Key characteristics of a Vickrey auction include: 1. **Sealed Bids**: Bidders submit their bids privately and do not know the bids of other participants.

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