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First price auctions and second price auctions

First price auction

This term describes auctions where the winning bidder pays the amount of their final bid, as opposed to second price auctions where the winning bidder pays the amount of the highest unsuccessful bid. English auctions are a well-know variety of first price auction.

Second price auction

This term describes auctions in which the winning bidder pays only the amount of the highest unsuccessful bid (usually the second highest bidder in single item auctions). Vickrey auctions are the most well-known kind of second price auction.

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