Sealed first-price auction or blind auction, also known as a first-price sealed-bid auction (FPSB). In this type of auction all bidders simultaneously submit sealed bids so that no bidder knows the bid of any other participant. The highest bidder pays the price they submitted. Furthermore, as bidders cannot see the bids of other participants they cannot adjust their own bids accordingly. What are effectively sealed first-price auctions are commonly called tendering for procurement by companies and organisations, particularly for government contracts and auctions for fiscal entities.
