In a sealed-bid, first-price auction with independent private values, as the number of risk-neutral bidders increases, each
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In a sealed-bid, first-price auction with independent private values, as the number of risk-neutral bidders increases, each bid will be lowered, eventually converging to the next-highest bidder’s valuation of the object being auctioned. Explain.
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Managerial Economics: Tools For Analyzing Business Strategy
ISBN: 307174
1st Edition
Authors: Thomas J Webster
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