The question is based on a case study of Game Theory: When Telling The Truth is best policy: Using Game Theory to know how to bid in E-Bay. Urgent

3. Suppose you are the owner of a large tract of land that you are planning to sell. You can either choose to use an auction to sell the land or just propose a price and sell to the first party that agrees to pay that price. What do you think would be the advantages and disadvantages of using an auction to sell the land, compared to posting a price