In the discussion of a pooling equilibrium in the context of Jegadeesh and Chowdhry (1994), assume that \(\alpha_{m}=0.3\) and that there are two types of bidders with \(Z_{L}=40\) and \(Z_{H}=80\). Assume further that \(60 \%\) are of the high- \(Z\) type and that \(P(\pi)=\ln (\pi)\). Conditional on this information, show that there is no pooling equilibrium.