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First-Price Auctions
A type of auction in which the highest bid wins, and the winner pays the amount of their bid.
Highest Bid
The largest amount of money offered for a good or service in an auction.
Second-Highest Bidder
In auctions, the participant who places the second greatest bid, often relevant in contexts where the winner pays the price submitted by this bidder.
Second-Price Auction
A bidding process where the highest bidder wins but pays the price bid by the second-highest bidder.
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