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please explain this! also the basic knowledge of auction games please! The following information is relevant to the next two problems. Consider a sale of

image text in transcribed please explain this! also the basic knowledge of auction games please!

The following information is relevant to the next two problems. Consider a sale of a picture by auction. There are four bidders whose valuations are: v1=120V2=90v3=80v4=60 Assume that these valuations are commonly known to the bidders

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