vickrey auction

English - English

Definition of vickrey auction in English English dictionary

A type of sealed-bid auction, where bidders submit written bids without knowing the bids of others, in which the highest bidder wins but the price paid is the second-highest bid

Hyphenation

vickrey auc·tion

Turkish pronunciation

vîkri ôkşın

Pronunciation

/ˈvəkrē ˈôksʜən/ /ˈvɪkriː ˈɔːkʃən/

Etymology

() After William Vickrey (1914-1996), Canadian professor of economics.