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QUESTION 1 Your entire wealth consists of the balance of your bank account, which is $ W. . You also own a painting which is

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QUESTION 1 Your entire wealth consists of the balance of your bank account, which is $ W. . You also own a painting which is worthless to you. You have a chance to sell the painting to a potential buyer. All you know about the buyer is that she has a reservation price (i.e. a maximum price she is willing to pay) re(L, M, H) with L

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