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2. First-price sealed-bid auction - Wikipedia

   en.wikipedia.org/wiki/First-price_sealed-bid_auction

   A first-price sealed-bid auction (FPSBA) is a common type of auction. It is also known as blind auction. [1] In this type of auction, all bidders simultaneously submit sealed bids so that no bidder knows the bid of any other participant. The highest bidder pays the price that was submitted. [2]: p2 [3]

3. Vickrey auction - Wikipedia

   en.wikipedia.org/wiki/Vickrey_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 ...

4. Auction - Wikipedia

   en.wikipedia.org/wiki/Auction

   Minimum bid – the smallest opening bid that will be accepted. A minimum bid can be as little as $0.01 (one cent) depending on the auction. If no one bids at the initial minimum bid, the auctioneer may lower the minimum bid so as to create interest in the item.

5. Auction sniping - Wikipedia

   en.wikipedia.org/wiki/Auction_sniping

   However, if the minimum bid increment is very low, the sorites paradox can come into play, and make it difficult for a person to establish a single maximum bid. [9] For example, if the minimum bid increment on an auction is 10 cents, it can be difficult or impossible for a person to identify a price which they would be willing to pay to win the ...

6. Revenue equivalence - Wikipedia

   en.wikipedia.org/wiki/Revenue_equivalence

   Suppose that a buyer has value v and bids b. His opponent bids according to the equilibrium bidding strategy. The support of the opponent's bid distribution is [0,B(1)]. Thus any bid of at least B(1) wins with probability 1. Therefore, the best bid b lies in the interval [0,B(1)] and so we can write this bid as b = B(x) where x lies in [0,1].

7. Vickrey–Clarke–Groves auction - Wikipedia

   en.wikipedia.org/wiki/Vickrey–Clarke–Groves...

   A Vickrey–Clarke–Groves (VCG) auction is a type of sealed-bid auction of multiple items. Bidders submit bids that report their valuations for the items, without knowing the bids of the other bidders. The auction system assigns the items in a socially optimal manner: it charges each individual the harm they cause to other bidders. [1]

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9. Auction algorithm - Wikipedia

   en.wikipedia.org/wiki/Auction_algorithm

   An auction algorithm has been used in a business setting to determine the best prices on a set of products offered to multiple buyers. It is an iterative procedure, so the name "auction algorithm" is related to a sales auction, where multiple bids are compared to determine the best offer, with the final sales going to the highest bidders.