Asked by Brandon Acosta on Sep 24, 2024
Vickery auctions are
A) Oral auctions
B) Second price sealed bid auctions
C) English auctions
D) None of the above
Vickery Auctions
A type of sealed-bid auction where the highest bidder wins but pays the second-highest bid price, encouraging true valuation in bids.
Oral Auctions
Public sales where goods or services are sold to the highest bidder through verbal bids, often conducted in real-time with an auctioneer.
Sealed Bid Auctions
A type of auction where all bidders submit their bids without knowledge of the bids offered by other participants, often used in government contracts and private sales.
- Acquire knowledge of the essential concepts and classifications of auctions.
Learning Objectives
- Acquire knowledge of the essential concepts and classifications of auctions.