∂ part of node [[vickrey-auction]]

Vickrey Auction

  • https://en.wikipedia.org/wiki/Vickrey_auction
  • A Vickrey auction is a type of sealed-bid auction. Bidders submit written bids without knowing the bid of the other people in the auction. The highest bidder wins but the price paid is the second-highest bid. This type of auction is strategically similar to an English auction and gives bidders an incentive to bid their true value.