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U1. In each of the following examples, do bidders have private values or not? Why or why not? In each case, imagine that the object

U1. In each of the following examples, do bidders have private values or not? Why or why not? In each case, imagine that the object in question is being auctioned to a group of Wall Street investors. (a) Shares of stock in Mystery Enterprises Agricultural Technologies (MEAT), a (fictional) biotech startup that sells "Mystery Meat" under the tagline "There's no mysteryit tastes like beef!!" (b) A lifetime supply of Mystery Meat. (c) A hamburger (made from traditional beef).

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