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Suppose Sotheby's decides to run a second-price sealed-bid auction, also popularly known as a Vickrey auction. Which of these statements is true? In such an
Suppose Sotheby's decides to run a second-price sealed-bid auction, also popularly known as a Vickrey auction. Which of these statements is true? In such an auction, your optimal strategy is to... Group of answer choices a. bid more than $8 Million but less than $10 Million. b. bid more than $7 Million but strictly less than $8 Million. c. not bid for the object, since your value is below the expected (mean) value of all bidders. d. bid exactly $8 Million
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