English Explanatory Dictionary

Vickrey auction

English dictionary entry

Meanings

noun
  1. 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.

Word forms

Vickrey auction Vickrey auctions

Etymology

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

Related words

silent auction
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