> They’re not as efficient as Vickrey auctions [3], but nobody actually does that. I've always been curious -- do you know why? It's certainly not for lack of

> They’re not as efficient as Vickrey auctions [3], but nobody actually does that. I've always been curious -- do you know why? It's certainly not for lack of familiarity, considering that paying the second-highest bid is basically how eBay works. And eBay doesn't reveal people's maximum bids either. And so between that and the prevalence of last-second sniping, it essentially operates as sealed for all practical purposes.