Consider five rational auction participants bidding on a single item. Each bidder knows his or her own (private) value but does not know the values of other bidders. The bidder's values are: Cosette: $6,000 Eponine: $5,000 Fantine: $4,000 Javert: $2,000 Marius: $1,000 If the auctioneer were to use an English auction, who would win? Cosette If the auctioneer were to use a sealed-bid first-price auction, who would win? Cosette If the auctioneer were to use a sealed-bid second-price auction, who would win? Cosette In a sealed-bid first-price auction, how much should Fantine bid? In a sealed-bid second-price auction, how much should Fantine bid? Consider five rational auction participants bidding on a single item. Each bidder knows his or her own (private) value but does not know the values of other bidders. The bidder's values are: Cosette: $6,000 Eponine: $5,000 Fantine: $4,000 Javert: $2,000 Marius: $1,000 If the auctioneer were to use an English auction, who would win? Cosette If the auctioneer were to use a sealed-bid first-price auction, who would win? Cosette If the auctioneer were to use a sealed-bid second-price auction, who would win? Cosette In a sealed-bid first-price auction, how much should Fantine bid? In a sealed-bid second-price auction, how much should Fantine bid