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Determine the most likely information structure (independent private values, affiliated values, or common values) for an auction involving: a. A old vase. b. A lease
Determine the most likely information structure (independent private values, affiliated values, or common values) for an auction involving:
a. A old vase.
b. A lease contract of a oil field.
c. A used car.
If you can decide the auction format for those items, what format would you recommend in order to maximise the revenue of the sellers? Explain your recommendation to the seller.
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