Vickrey auction love

Vickrey auction

Definitions

from Wiktionary, Creative Commons Attribution/Share-Alike License

  • n. 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.

Etymologies

from Wiktionary, Creative Commons Attribution/Share-Alike License

After William Vickrey (1914-1996), Canadian professor of economics.

Examples

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