Second-price sealed-bid auctions are commonly called ____ auctions.
A)open outcry
B)Vickrey
C)double
D)Victory

Question

Quizplus · Accepted Answer

Second-price sealed-bid auctions are also referred to as Vickrey auctions, named after the economist who first analyzed them, William Vickrey. In these auctions, all bidders submit sealed bids, and the bidder with the highest bid wins but pays the price of the second-highest bid.

Second-Price Sealed-Bid Auctions Are Commonly Called ____ Auctions