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Explain the difference between oral auctions and second-price auctions, including how they work and their results. Use the expected value information to illustrate how having

  • Explain the difference between oral auctions and second-price auctions, including how they work and their results.
  • Use the expected value information to illustrate how having more bidders in an oral auction will likely result in a higher winning bid.
  • Explain how the number of bidders in a common value auction affects the outcome of the auction. Relate this to the effect on price in different market structures based on the number of producers.

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