Auctions and Bidding

The process of buying and selling goods or services by offering them up for bid.

• English Auction: Ascending price.
• Dutch Auction: Descending price.
• First-Price Sealed-Bid: Highest bidder wins and pays their bid.
• Vickrey Auction (Second-Price): Highest bidder wins but pays the second-highest bid.
• Winner’s Curse: Winning an auction by overestimating the true value of the item.