Betty White's house in Carmel, CA is being auctioned off in a second-price sealed bid auction. There are 5 mega-fans taking part in the auction. They each have a private value listed below. Participants Private Values Bidder #1 $5 Million Bidder #2 $11 Million Bidder #3 $12 Million Bidder #4 $8 Million Bidder #5 $10 Million All bidders, except Bidder #2, have taken Economics for Decision Making and understand auction theory. As such, these bidders will submit bids using their optimal strategies, while Bidder #2 submits a bid of $13 million. Which bidder will win the auction and what will be the amount paid