Definition: A single-round auction where all bidders submit their bids simultaneously and without knowledge of the offers made by competing bidders; usually the bids are in writing and delivered to the auctioneer in a sealed envelope. The highest bid wins the auction. The sealed-bid auction method does not allow for open, competitive bidding and is therefore not a true auction.
Also known as a first-price sealed bid auction (FPSB) or a sealed first-price auction.
Terms, Definitions, and Concepts: Auction, Real Estate