A second-price auctionA) is also called a Vickrey auctionB) is where bidders submit increasing bids until all but one remainsC) is where the sole remaining bidder wins and pays his winning bidD) all of the above

Question

​A second-price auctionA) ​is also called a Vickrey auctionB) is where bidders submit increasing bids until all but one remainsC) is where the sole remaining bidder wins and pays his winning bidD) ​all of the above

Casie Schmitt · Accepted Answer

Final Answer : A, Explanation :  A second-price auction is also known as a Vickrey auction, where bidders submit sealed bids, and the highest bidder wins but only pays the amount of the second-highest bid. Options B and C describe a different type of auction known as an English auction.

A second-price auction

A) is also called a Vickrey auction
B) is where bidders submit increasing bids until all but one remains
C) is where the sole remaining bidder wins and pays his winning bid
D) all of the above

Definitions

Learning Objectives

Learning Objectives

Related questions

​A second-price auctionA) ​is also called a Vickrey auctionB) is where bidders submit increasing bids until all but one remainsC) is where the sole remaining bidder wins and pays his winning bidD) ​all of the above

Definitions

Learning Objectives

Learning Objectives

Related questions

A second-price auction

A) is also called a Vickrey auction
B) is where bidders submit increasing bids until all but one remains
C) is where the sole remaining bidder wins and pays his winning bid
D) all of the above