All parties make a single bid but do not disclose the bid, Business Economics

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All parties make a single bid but do not disclose the bid

All parties make a single bid. But do not disclose the bid to peers. The organizer chooses the maximum (or minimum) bid as the winner. What are benefits of such a system as opposed to normal auction where bidders openly declare the bids and keep updating based on the current maximum ( or minimum )?

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Business Economics: All parties make a single bid but do not disclose the bid

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Business Economics: All parties make a single bid but do not disclose the bid

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