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Vickrey Auction

A Vickrey auction is a Sealed-bid auction in which a winner pays the highest losing bid price. Bidders fully understand the rules and modify their bids as circumstances dictate. For a Vickrey auction, bidders adjust upward. The quantity of a Vickrey auction is limited to one item.

This auction type is commonly used in the financial market for refinancing credit or foreign exchange.


 Siebel eAuction Guide 
 Published: 18 April 2003