Vickrey auction
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English
[edit]Etymology
[edit]After William Vickrey (1914-1996), Canadian professor of economics.
Noun
[edit]Vickrey auction (plural Vickrey auctions)
- A type of sealed-bid auction, where bidders submit written bids without knowing the bids of others, in which the highest bidder wins but the price paid is the second-highest bid.