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Suppose three risk-neutral bidders, named 1, 2 and 3, are interested in purchasing a painting. The bidders' values are 12, 14 and 16. The bidders

Suppose three risk-neutral bidders, named 1, 2 and 3, are interested in purchasing a painting. The bidders' values are 12, 14 and 16. The bidders will compete in an auction. Suppose all bids must be made in increments of $1 and be between $5 and |$25 Who wins in a sealed-bid second price auction? What are the final price and the payoff to the winning bidder

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