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Vickrey auction - Wikipedia

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A Vickrey auction or sealed-bid second-price auction (SBSPA) 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. The auction was first described academically by Columbia University professor William Vickrey in 1961[1] though it had been used by stamp collectors since 1893.[2] In 1797 Johann Wolfgang von Goethe sold a manuscript using a sealed-bid, second-price auction.[3]

Vickrey auction - Wikipedia Jump to content From Wikipedia, the free encyclopedia Auction priced by second-highest sealed bid Part of a series on Auctions Types All-pay Chinese Bidding fee Dollar Amsterdam Anglo-Dutch Barter double Best/not best Brazilian Calcutta Candle Click-box bidding Combinatorial Common value Deferred-acceptance Discriminatory price Double Dutch English Forward French Generalized first-price Generalized second-price Japanese Knapsack Multi-attribute Multiunit No-reserve Rank Reverse Scottish Sealed first-price Simultaneous ascending Single-price Traffic light Uniform pri

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