I am not sure why this has been linked as the Vickery auction page is a better description [1]. I have to say I have a soft spot for auction theory with a weakness for Amsterdam auctions [2].<p>1. <a href="https:&#x2F;&#x2F;en.m.wikipedia.org&#x2F;wiki&#x2F;Vickrey_auction" rel="nofollow">https:&#x2F;&#x2F;en.m.wikipedia.org&#x2F;wiki&#x2F;Vickrey_auction</a><p>2. <a href="https:&#x2F;&#x2F;en.m.wikipedia.org&#x2F;wiki&#x2F;Auction_theory" rel="nofollow">https:&#x2F;&#x2F;en.m.wikipedia.org&#x2F;wiki&#x2F;Auction_theory</a>