Ranked Auction

A ranked auction, also known as a position-based auction, is a type of auction in which bidders not only submit their bids in terms of price but also indicate their preferences or rankings for the items being auctioned. In ranked auctions, bidders assign a priority or ranking to each item they're interested in, and the auction mechanism takes into account both the bids and the rankings to determine the winners and prices.

Ranked auctions are commonly used in scenarios where bidders have preferences for multiple items, and the goal is to allocate items in a way that maximizes the collective satisfaction of the bidders. These auctions are particularly valuable in various allocation and matching problems, such as school assignments, spectrum auctions, and resource allocation in multi-agent systems.