In which auction does the buyer review the submitted bids at the end of the auction period and award the contract to the supplier with lowest price?

Question

Quizplus · Accepted Answer

The sealed-bid first-price auction involves the buyers reviewing the bids at the end of the auction period and awarding the contract to the supplier with the lowest price. In this auction, all bidders submit their bids simultaneously in a sealed format, eliminating the possibility of bidders raising their bids in response to those of others. Therefore, this auction is beneficial for buyers, as it ensures that the best supplier is awarded the contract at the lowest possible price.

In Which Auction Does the Buyer Review the Submitted Bids