multiple rate auction (American auction) An auction at which the allotment interest rate (or price/swap point) equals the interest rate offered in each individual bid. | ||||
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American auction Definition from Encyclopedia Dictionaries & Glossaries
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Vickrey auction
A Vickrey auction is a type of sealed-bid auction, where bidders submit written bids without knowing the bid of the other people in the auction. The highest bidder wins, but the price paid is the second highest bid. The auction was created by William Vickrey. This type of auction is strategically similar to an English auction, and gives bidders an incentive to bid their true value.
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