Examlex
A communication model is a representation of the main elements in the message flow process which has been:
Second-Bidder
Refers to the auction bidder with the second-highest bid, often relevant in Vickrey auctions where this bidder's price determines the sale price.
Vickrey Auction
A sealed-bid auction where the highest bidder wins but pays the second-highest bid, encouraging true value bids.
English Auction
A type of auction where the price ascends and participants openly bid against each other, with the highest bid at the close of the auction winning.
Reservation Price
The utmost price a buyer is ready to offer for a good or service.
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