Unformatted text preview: Vickrey auction. Vickrey auction means bidders submit their bids independently and they are prohibited from sharing information with each other, it is a sealed-bid. Also, the highest bidder pays the amount of the highest bid. The automatic bidding and sniping software are a sealed-bid, because this function prohibited from sharing information, the seller and other bidders don’t know the maximum bid was set by me. Although the currently highest bidder and the bidding price can be seen by other bidders, the price is not the real highest bidding price, if your bidding price is higher than mine, the systems will increase my bidding price automatically according to my pervious setting. So, the seller and other bidders don’t know my real highest bidding price. It is a sealed-bid and seems a Vickrey auction. So, automatic bidding and sniping software used on eBay is almost equivalent to a Vickrey auction....
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- Spring '10
- Auction, Auctioneering, Vickrey auction, Vickrey, English auction