In an English auction bidders make ascending bids on a product, each bid needing to be higher than the last.
These are open auctions. Each bid is visible to all participants.
The price paid is the final bid.
In an English auction bidders make ascending bids on a product, each bid needing to be higher than the last.
These are open auctions. Each bid is visible to all participants.
The price paid is the final bid.
In a Dutch auction the auctioneer decreases the price until a single bid is received.
These are open auctions. Each bid is visible to all participants.
The price paid is the bid.
Blind auctions are sealed-bid auctions. Participants cannot view other bids.
The price paid is the highest bid.
Vickrey are sealed-bid auctions. Participants cannot view other bids.
The price paid is the second-highest bid.