Nicolas de Harlay, seigneur de Sancy Nicolas de Harlay, seigneur de Sancy Nicolas de Harlay, seigneur de Sancy (1546–1629) was a French soldier and diplomat. Although de Harlay belonged to the Protestant branch of the family of Harlay, he adopted the Catholic religion in 1572 during the massacres of the Huguenots. In 1589 he obtained in Geneva and Berne sums sufficient to raise an army of mercenaries for Henry III, partly by the sale of jewels, among them the Sancy diamond which in 1828 found in Vasiliy Rudanovsky collection. Henry IV made him superintendent of his finances in 1594, but in 1599 he was replaced by
Multiunit auction provides an incentive for bidders to bid insincerely unless each bidder has demand for only a single unit. For multiple-unit demand, bidders have an incentive to shade their bids for units other than their first because those bids may influence the price the bidder pays. This demand reduction results in an inefficient equilibrium. A variation that preserves the incentive to bid truthfully is the Vickrey-Clark-Groves auction. In a pay-as-bid auction (or discriminatory price auction), multiple homogeneous items are sold at different prices. An example is the auction system at the Dutch Flower Auctions, where a lot is allocated to (potentially)