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2. Vickrey auction - Wikipedia

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

3. 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]

4. Auction sniping - Wikipedia

   en.wikipedia.org/wiki/Auction_sniping

   This is a hidden or proxy bid, known to the system, but not any other bidders; during the auction the actual bid is incremented only enough to beat the existing highest bid. For example, if an item's current maximum high bid is 57 and someone is prepared to pay 100 and bids accordingly, the displayed bid will be 58, with the hidden maximum of 100.

5. Auction theory - Wikipedia

   en.wikipedia.org/wiki/Auction_theory

   Online auctions often use an equivalent version of Vickrey's second-price auction wherein bidders provide proxy bids for items. A proxy bid is an amount an individual values some item at. The online auction house will bid up the price of the item until the proxy bid for the winner is at the top.

6. Auction - Wikipedia

   en.wikipedia.org/wiki/Auction

   In an English auction, all current bids are visible to all bidders and in a sealed-bid auction, bidders only get to know if their bid was the best. Best/not best auctions are sealed-bid auctions with multiple bids, where the bidders submit their prices like in English auction and get responses about the leadership of their bid. [74]

7. Market design - Wikipedia

   en.wikipedia.org/wiki/Market_design

   In the sealed high-bid auction such low value buyers therefore bid lower than they would if they had the same beliefs. Thus the buyer with value v does not have to compete so hard and bids lower as well. Thus the informational effect lowers the equilibrium payment of the winning bidder in the sealed first-price auction.