1) You are bidding at an art auction. Assume that each bidder has an independent private value for the art being auctioned off. Each bidder perceives that valuations are randomly distributed between $10,000 and $20,000. If there are a total of five risk-neutral bidders and your own valuation of the item is $16,000, what is your optimal bidding strategy in a first-price sealed bid auction?

a) Bid more than $16,000

b) Bid exactly $16,000

c) Bid less than $16,000