Players secretly make a bid. All bids are revealed simultaneously, and the high bidder wins.
Typically some tie breaker mechanism is required. Common ones include closest to start player or using a secondary currency for a tie-breaking bid.
A variation on this is called Sealed Bid with Cancellation. In this case, if two or more players have the same high bid, they are eliminated from contention. The highest non-duplicated bid is the winner. This is best used with Constrained Bidding to make ties more likely, and was first used in Beat the Buzzard (originally called Hol's Der Geier, so it is sometimes referred to as "the Hol's Der Geier mechanism").