best response bidding Retum to the setting of Table 16.3, case 1. The second firm is bidding
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best response bidding Retum to the setting of Table 16.3, case 1. The second firm is bidding according to the noted strategy. Suppose the first firm observes y = 0.6. Determine its expected profit if it bids (i) 15, (ii) 16 or (iii) 17.
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