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You are a bidder in an independent private values auction, and you value the object at $4,000. Each bidder perceives that valuat
ions are uniformly distributed between $1,000 and $7,000
Determine your optimal bidding strategy in a first-price, sealed-bid auction when the total number of bidders (including you) is:
a. 2 bidders.
b. 10 bidders.
c. 100 bidders.
Determine your optimal bidding strategy in a first-price, sealed-bid auction when the total number of bidders (including you) is:
a. 2 bidders.
b. 10 bidders.
c. 100 bidders.
1 answer:
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