Single shot[edit]

• Sealed first-price auction or blind auction,^[41] also known as a first-price sealed-bid auction (FPSB). In this type of auction all bidders simultaneously submit sealed bids so that no bidder knows the bid of any other participant. The highest bidder pays the price they submitted.^[1][2] This type of auction is distinct from the English auction, in that bidders can only submit one bid each. Furthermore, as bidders cannot see the bids of other participants they cannot adjust their own bids accordingly.^[2] From the theoretical perspective, this kind of bid process has been argued to be strategically equivalent to the Dutch auction.^[42] However, empirical evidence from laboratory experiments has shown that Dutch auctions with high clock speeds yield lower prices than FPSB auctions.^[43][44] What are effectively sealed first-price auctions are commonly called tendering for procurement by companies and organisations, particularly for government contracts and auctions for mining leases.^[2]
• Vickrey auction, also known as a sealed-bid second-price auction.^[45] This is identical to the sealed first-price auction except that the winning bidder pays the second-highest bid rather than his or her own.^[46] Vickrey auctions are extremely important in auction theory, and commonly used in automated contexts such as real-time bidding for online advertising, but rarely in non-automated contexts.^[