10. cost plus equilibrium bidding Return to Example 10.8. Now suppose we define cost for the first...
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10. cost plus equilibrium bidding Return to Example 10.8. Now suppose we define cost for the first firm as the expected value of its cost given x and y and for the second as the expected value of its cost given x and z. For the third case
(Table 10.3), determine the plus that is added to each firm’s cost if it bids according to the noted equilibrium. Discuss your finding
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