2. Consider an auction where n identical objects are offered and there are n +1 bidders. The true value of each object is the same for all bidders and for all objects but each bidder gets only an independent unbiased estimate of this common value. Bidders submit sealed bids and the top n bidders get one object each and each pays her own bid. Suppose you lose. What conclusion might you draw from losing? How will this affect your bidding strategy? Relate your answer to the winner's curse we discussed in class. 2. Consider an auction where n identical objects are offered and there are n +1 bidders. The true value of each object is the same for all bidders and for all objects but each bidder gets only an independent unbiased estimate of this common value. Bidders submit sealed bids and the top n bidders get one object each and each pays her own bid. Suppose you lose. What conclusion might you draw from losing? How will this affect your bidding strategy? Relate your answer to the winner's curse we discussed in class