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5. An auctioneer is auctioning an item to N bidders. The auctioneer decides to choose a rst price sealed bid auction to allocate the item.

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5. An auctioneer is auctioning an item to N bidders. The auctioneer decides to choose a rst price sealed bid auction to allocate the item. It is known that each bidder's valuation of the item v3- rv iidU [0, 1]. In addition the payoffs for each i are represented by a constant relative risk aversion (CRRA) utility functions with coefcients 0 g (1 Ti)

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