Sealed first-price auction

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A sealed first-price auction is a form of auction where bidders submit one bid in a concealed fashion. The submitted bids are then compared and the person with the highest bid wins the award. This differs from a standard English auction in that bids are not open or called; bidders must submit valuations based upon supposed market value and their own willingness to pay -- as opposed to engaging in competition through relative prices with other bidders.

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