Definitions
from Wiktionary, Creative Commons Attribution/Share-Alike License.
- noun A type of sealed-bid
auction , wherebidders submit written bids without knowing the bids of others, in which the highest bidder wins but theprice paid is the second-highest bid.
Etymologies
from Wiktionary, Creative Commons Attribution/Share-Alike License
After William Vickrey (1914-1996), Canadian professor of economics.
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