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I'm one of three bidders in a second-price, sealed-bid auction for a single item. My value for the item is v1=30. My friend observes that

I'm one of three bidders in a second-price, sealed-bid auction for a single item. My value for the item is v1=30. My friend observes that bidders 2 and 3 all submit bids that are twice their value for the item. He posits that I need to bid more than my value for the item, but he's not sure of the exact value. Would he be correct or not?

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