Consider an antique auction where bidders have independent private values. There are 10 bidders, each of whom perceives that valuations are uniformly distributed between $25 and $100. One of the bidders is Jasmine, who knows her own valuation is $50. What is Jasmine's optimal bidding strategy in an English auction?

Multiple Choice

• Keep bidding until the bid exceeds $50.
• Keep bidding until the bid exceeds $33.
• Keep bidding until the bid exceeds $25.
• Keep bidding until the bid exceeds $100.