In a Vickrey auction or second price auction, three bidders will be asked to submit sealed bids.
The bidder who submits the highest bid is awarded the property but will pay the amount equal to the amount bid by the second highest bidder.
Emie | Minne | Besty |
700000 | 400000 | 300000 |
Submit the bid in sealed-bid,
As per the Vickery auction, Emie is awarded the property and will pay the amount equal to amount bid by Minne i.e. $400,000
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