in a Japanese auction. This may be seen as either an advantage or a disadvantage of the English auction format. Selling more than one item The English auction has variants for selling multiple identical items or multiple different items. Vickrey auction Vickrey auction is also known as Second-price sealed-bid auction. None of the bidders know what the other is offering. The bidder with the highest price wins, but only pays the value of the next highest bid. The most important feature of these auctions is that each bidder's winning strategy is to bid according to their true valuation of the item; this auction mechanism is thus incentive-compatible. It is also a Pareto efficient allocation mechanism. References External links Aldermaston continues candle auction tradition Types of auction