Examlex
A principal may ratify an action taken by an agent that the principal would not have been capable of authorizing at the time that the action was taken.
Vickrey Auction
A type of sealed-bid auction where bidders submit their bids without knowing the others' bids, and the highest bidder wins but pays the price bid by the second-highest bidder.
English Auction
A common auction format where the price ascends and participants bid openly against one another, with the item being sold to the highest bidder.
Rational Bidders
Participants in an auction or bidding process who make decisions based on logic and self-interest, aiming to maximize their utility or benefit.
English Auction
A public sales process where ascending bids are placed for a specific item, with the highest bid at the end winning the item.
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