Vickrey Auction

You should use a Vickrey auction when:

The winner will be the highest bidder, and they will owe the second highest bid.

An example of when to use a Vickrey auction is if you want to sell a used stroller at the highest possible price.

If the lowest bidder should win and be owed the second lowest bid, consider a reverse Vickrey auction.

During the auction, you can create ballots and distribute them as you please. Each ballot can be submitted with a bid or declined. You will be able to see when each decision is made, but not the content of each decision.

When the auction resolves, you will be able to see the label of the winning ballot and the transaction price. The winning ballot will also be able to see that information.

No other information will be revealed to you.

Run your own Vickrey auction
When should the auction be resolved?
Can the auction resolve early?
What currency should the auction use?
What is the reserve price?
In the case of a tie, who wins?
What information should be revealed to non-winning ballots?