Sealed-Bid Auction

A sealed bid auction, also known as a blind auction, is a type of auction where all bidders submit their offers simultaneously, in sealed envelopes, without knowing the bids of the other participants. The highest bid wins the auction. This type of auction is typically used in situations where the items being sold are similar, and the bidders have similar information about the item's value. The auction process is conducted in a sealed bidding format and the bid is kept private until the bid opening.