An auction in which everyone submits a sealed bid and the winner is the highest bidder, but the winner pays a price equal to the second-highest bidder's price is known as "lucky person" auction.

Name: An auction in which everyone submits a sealed bid and the winner is the highest bidder, but the winner pays a price equal to the second-highest bidder's price is known as "lucky person" auction.
Brand: Quizplus
Rating: 4.9 (50 reviews)

Question

Quizplus · Accepted Answer

This type of auction is actually known as a "second-price sealed bid auction" or a "Vickrey auction".

An Auction in Which Everyone Submits a Sealed Bid and the Winner