Vickery Auction Vickrey Auction

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The Vic auction (Vickrey Auction), the second-price sealed bid auction (Second-price sealed-bid Auction). Bidders who do not know the price of other people to hand out the list, the highest bidder bid, but only pay a high price. [2] Although the VIC auction was used in the auction of stamps as early as 1893 ^{[1], the auction was first made academically by Columbia University professor William Vickery in 1961 . Such auctions are strategically similar to British auctions and will give bidders the incentive to bid at real value.}

Vickery's paper was originally about the sale of a single, non-divided product. Only in this case, the "Vic auction" and "the bid auction" Two words mean equal, and can be used interchangeably. However, if the auction goods are to be divided or plural, then the meanings of these two words are different and cannot be mixed.

Vickery auctions are very common in the literature of economics, but they are uncommon in reality. ebay's proxy bid system is much like the Vic auction, but not exactly the same. ^{[3] [4] A slightly generalized version of the Vickery auction, known as the generalized sub-price auction, was used in online advertising programs for Google and Yahoo. [5] The New York University School of Law uses an iterative version of the Vic auction as a way to draw the lottery.}

Vickery Auction Vickrey Auction