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Consider a sealedbid second price auction with three bidders. The seller has a value 0 for the object. Each bidder has a value drawn from

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Consider a sealedbid second price auction with three bidders. The seller has a value 0 for the object. Each bidder has a value drawn from the uniform distribution F(v) = v on [0, 1], Le, the probability that his value is less than :3 is just (E. a. Given that the highest bidder has a value UH , you know how to calculate the expected value 'UL of the secondhighest bidder, conditional on this value being less than \"UH. Use this to calculate the expected revenue of the seller

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