Please note that the content of this book primarily consists of
articles available from Wikipedia or other free sources online. A
victory auction is a type of auction in which the bidders to
purchase an object write down their bids, and the bidder with the
highest bid wins, but pays the price bid by the second highest
bidder. The object of a victory auction is to discourage 'gaming'
of an auction, where people propose prices less than they are
willing to pay in order to pay less than the maximum price they
would pay, instead the auction does this automatically, by giving
the win to the highest bidder, but at the price which was the one
just below theirs.
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