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A first-price sealed-bid auction is a type of auction where bidders submit their bids without knowing the bids of the other participants. The key features of this auction format include: 1. **Sealed Bids**: Bidders submit their bids in a sealed manner. This means that once bids are submitted, they cannot be changed, and participants cannot see how much other bidders have offered.

Ancestors (6)

  1. Types of auction
  2. Auction theory
  3. Game theory
  4. Fields of mathematics
  5. Mathematics
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