1. Two companies are interested in buying a plot of land at auction. They have each collected surveys ofthe value of the land Company 1 knows 51 and Company 2 knows 52. Neither company knows the value of the other's survey: they only know that it is uniformly distributed on [0,10]. Both companies know that V, the true value of the land, is equal to the average of the two surveys: V = (51 + Sz)/2. a) Company 1 learns that 51:7. What is Company 1's current expectation of V? b) Suppose both Company 1 and Company 2 bid their current expectations of V. Company 1 will only win the auction if 52