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4. Alex is selling his stamp collection via an auction. Betty and Chris each will value this collection differently, but their valuations are independently and iden- tically distributed uniformly from 0 to 10: i.e. the pdf at v, is f(vi) = 10 (a) ( 7 pts) In a first-price sealed bid, calculate the equilibrium bidding strategy. What is Alex's expected revenue from the auction? You should find each bid is half of the buyer's valuation, and er- pected revenue is 3 23 ECON 382 Sec 1 - Stovall - 2021 Fall 9 Information (b) (7 pts) In a second-price sealed bid, calculate the equilibrium bidding strat- egy. What is Alex's expected revenue from the auction? You should find each bid is exactly the buyer's true valuation, and expected revenue is 10