Blind auction
Financial Times - London,England,UK
Tech blog (Richard Waters): Google doesn't set the prices for its adverts, advertisers do, by bidding in an auction. So if advertisers are willing to pay ...

Blind Auction

Another term for a sealed bid auction in which bidders simultaneously submit bids to the auctioneer without knowledge of the amount bid by other participants. Usually, the highest bidder (or lowest bidder in a procurement auction) is declared the winner. The winner pays either the amount bid (a first price auction) or an amount equal to the next highest bid (a second price auction).