Vickrey Auction

GPTKB entity

Statements (28)
Predicate Object
gptkbp:instanceOf Auction Type
gptkbp:alsoKnownAs Second-Price Sealed-Bid Auction
gptkbp:appliesTo Resource allocation
Online advertising
Spectrum auctions
gptkbp:biddingType Sealed-bid
gptkbp:category Sealed-bid auction
Single-item auction
gptkbp:field gptkb:Auction_Theory
gptkb:Game_Theory
Economics
gptkbp:firstDescribed 1961
gptkbp:form Dominant strategy incentive compatibility
https://www.w3.org/2000/01/rdf-schema#label Vickrey Auction
gptkbp:incentiveProperty Incentive compatible
gptkbp:namedAfter gptkb:William_Vickrey
gptkbp:notableFor Promoting honest bidding
gptkbp:paymentRule Winner pays second-highest bid
gptkbp:relatedTo gptkb:Dutch_Auction
English Auction
First-Price Sealed-Bid Auction
gptkbp:strategy Truthful bidding is a dominant strategy
gptkbp:usedFor Allocating goods
Allocating services
gptkbp:winnerDetermination Highest bidder wins
gptkbp:bfsParent gptkb:Mechanism_Design
gptkb:Secret_Auctions
gptkbp:bfsLayer 8