Consider an independent private value auction with twenty riskneutral players. The players’ valuations are generally believed to be uniformly distributed between $0 and $50,000. Suppose that the true private value of one player is $40,000. For each of the following auction formats, what is the player’s optimal bidding strategy?

a. Sealed-bid, first-price

b. Sealed-bid, second-price

c. English

d. Dutch