Auctions are very old way to allocate goods. Their use has increased even more with the development of new technology and internet. In this video David Ettinger explains the main auction formats, what matters in auctions and presents in detail the concept of second-price auctions.


Vickrey, W. (1961). Counterspeculation, Auctions, and Competitive Sealed Tenders. The Journal of Finance, 16(1), 8–37.