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Another term for a preserved bid auction in which bidders simultaneously submit bids to the auctioneer with no knowledge of the amount bid by other member. Usually, the uppermost bidder (or lowest bidder in a procurement auction) is declared the winner. The winner pays either the amount bid (a first price auction) or an amount equal to the next highest bid (a second price auction).
A bid that indicates totally different costs for various quantitites of the item offered for sale. A series of price-quantity mixtures is tendered to the auctioneer.
A sealed-bid second worth auction during which participants every simultaneously submit bids. The auctioneer discloses the identity of the very best bidder who is said the winner.
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What is Game Theory?
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