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Vickrey auction
A Vickrey auction is a type of sealed-bid auction. Bidders submit written bids without knowing the bid of the other people in the auction. The highest bidder wins but the price paid is the second-highest bid. The auction was first described academically by Columbia University professor William Vickrey in 1961 though it had been used by stamp collectors since 1893. This type of auction is strategically similar to an English auction and gives bidders an incentive to bid their true value.
Vickrey's original paper mainly considered auctions where only a single, indivisible good is being sold. The terms ''Vickrey auction'' and ''second-price sealed-bid auction'' are, in this case only, equivalent and used interchangeably. When either a divisible good or multiple identical goods are sold in a single auction, however, these terms are used differently.
Vickrey auctions are much studied in economic literature but uncommon in practice. A slightly generalized variant of a Vickrey auction, named generalized second-price auction, is used in Google's and Yahoo!'s online advertisement programmes.〔Benjamin Edelman, Michael Ostrovsky, and Michael Schwarz: "Internet Advertising and the Generalized Second-Price Auction: Selling Billions of Dollars Worth of Keywords". American Economic Review 97(1), 2007 pp 242–259.〕〔Hal R. Varian: "Position Auctions". International Journal of Industrial Organization, 2006, .〕
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