Dmitri, Jake, Nick are all interested in the chair being auctioned off at the Jean Auction House in a first-price sealed-bid auction, What is this kind of auction?) The only Information the bidders have about the chair is what they can gather from a picture of it. Only when the auction is over and the highest bidding winner receives the actual chair is the true value revealed. Assume that the value of the chair is objective that is, all interested bidders value the chair the same once the condition of the chair is known. Economists call this a common-value auction. Unknown Condition Known Condition Unknown Condition Known Condition The following table shows each individual's bid based on what he expects for the value of the chair given only the picture of the chair In unknown condition. Since this is a first-price sealed-bid auction, no bidder knows the bid of any other player. Therefore, Dmitri will win the chair at a price of $250. However, after the bidding is over, Dmitri discovers that the true value of the chair is only $210. Given this information, complete the following table with the surplus that each bidder would have received had he won the auction with his bid. Bid Surplus if Won Person (Dollars) (Dollars) Dmitri 250 Jake 155 Nick 65 The person who values the good the most before the condition of the chair is revealed gets the because of the winner's curse associated with asymmetric Information. surplus from winning the auction. This is