Complex sentence: A Vickrey auction, sometimes known as a Second-price sealed-bid auction, use very much the same principle as a first-price sealed bid however, the highest bidder and winner will only pay what the second highest bidder had bid.
Split into simpler sentences: A Vickrey auction, sometimes known as a Second-price sealed-bid auction, uses very much the same principle as a first-price sealed bid. However, the highest bidder and winner will only pay what the second highest bidder had bid.