SECOND PRICE HUCTION - Problem with auctions-how to get bidders to reveal true values? - Second price auctions are a good way to encourage this outcome. - Example: Sealed Bid Kuction for Condo with Seine River view. - True values of bidders: - Athos =$88,000 - Aramis =$62,000 - Porthos =$55,000 Consider the auction for the condo with Seine River views. Who will win this auction and what price will they pay? Briefly explain