Consider a sealed bid auction among n people for some good. Let zli be the value of
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Consider a sealed bid auction among n people for some good. Let zli be the value of the good to person i. Prove that if the good is sold to the highest bidder at the second highest price bid, it will be in each player's interest to tell the truth.
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Intermediate Microeconomics A Modern Approach
ISBN: 9780393927023
7th Edition
Authors: Hal R. Varian
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