#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
In a second price sealed bid auction (Vickrey auction), the bidder submitting the highest bid wins the item but pays the amount bid by the second highest bidder. In this type of auction, there is no reason for a bidder to bid less than his reservation price.
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iamcfa - (no access) - 2015 CFA Level 1 Study Schweser Book 2 - Economics, p18
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