First-price sealed-bid auction
Auction where all participants concurrently submit undisclosed bids / From Wikipedia, the free encyclopedia
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A first-price sealed-bid auction (FPSBA) is a common type of auction. It is also known as blind auction.[1] 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 that was submitted.[2]: p2 [3]