Examlex
Solve the equation
Vickery Auctions
Auctions where the highest bidder wins but pays the price bid by the second-highest bidder, encouraging true value bidding.
Highest Bidder
The party that offers the most significant amount of money for an item or service in an auction or competitive bidding context.
Second Highest Bid
In auctions, it is the bid that ranks immediately below the highest bid, often significant in auction types where the winner pays the amount of the second-highest bid.
Vickery Auctions
A type of sealed-bid auction where the highest bidder wins but pays the second-highest bid price, encouraging true valuation in bids.
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