Vickrey Auction is a type of sealed-bid auction. Like with any other sealed-bid auction, in thisauction, also bidders submit the bids without knowing what the other bidders have bid for. Similarly, to what happens in other types of auctions, in this auction also, the highest bidder wins t...
Although the new auction mechanism could be explained to advertisers prior to switching to VCG, since online advertising systems typically contain an enormous number of advertisers, it would be impossible to ensure that all advertisers understand the new mechanism prior to making such a switch. Thus ...