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In a rare Mughal-era coin auction the participating bidders have independent private values. Each bidder estimates that valuations of the stamp is uniformly distributed between
In a rare Mughal-era coin auction the participating bidders have independent private values. Each bidder estimates that valuations of the stamp is uniformly distributed between $20 and $80. You are also a bidder and you know your own valuation is $60. What should be your optimal bidding strategy if it is a Dutch auction and total 10 bidders are participating in the auction?
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