Blind auction, Game Theory

 

Another term for a preserved bid auction in which bidders simultaneously submit bids to the auctioneer with no knowledge of the amount bid by other member. Usually, the uppermost bidder (or lowest bidder in a procurement auction) is declared the winner. The winner pays either the amount bid (a first price auction) or an amount equal to the next highest bid (a second price auction).

 

Posted Date: 7/21/2012 5:29:23 AM | Location : United States







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An auction associates who submits offers (or bids) to sale or buy  the goods being auctioned.