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Definition of Vcg

Vcg Definition from Government Dictionaries & Glossaries
DOD Joint Acronyms and Abbreviations
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Source: U.S. Department of Defense, Joint Doctrine Division. ( About )
Vcg Definition from Science & Technology Dictionaries & Glossaries
ETSI and 3GPP
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Vcg Definition from Encyclopedia Dictionaries & Glossaries
English Wikipedia - The Free Encyclopedia
In auction theory, a Vickrey–Clarke–Groves (VCG) auction is a type of sealed-bid auction of multiple items. Bidders submit bids that report their valuations for the items, without knowing the bids of the other people in the auction. The auction system assigns the items in a socially optimal manner: it charges each individual the harm they cause to other bidders. It also gives bidders an incentive to bid their true valuations, by ensuring that the optimal strategy for each bidder is to bid their true valuations of the items. It is a generalization of a Vickrey auction for multiple items.

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