TL;DRAbstract
A wide variety of goods is sold by sealed bid auctions. These are organized in the following way: Each interested party submits a sealed bid. The object is awarded to the highest bidder at a price equal to the value of his bid. A particularly important example of objects being sold by such auctions are the rights to extract crude oil from a given tract of land.
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A wide variety of goods is sold by sealed bid auctions. These are organized in the following way: Each interested party submits a sealed bid. The object is awarded to the highest bidder at a price equal to the value of his bid. A particularly important example of objects being sold by such auctions are the rights to extract crude oil from a given tract of land.
Keywords
Common value auctionUnique bid auctionObject (grammar)Variety (cybernetics)Proxy bidValue (mathematics)English auctionMicroeconomics
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