What are the major forms of auction format for the sale of a single object? For buyers who know their valuations for the object, what are the optimal bidding strategies? (You may instead, if you wish, consider a situation in which the auc- tioneer is procuring (that is, seeking to buy; this is a tendering process) and the bidders are competing sellers.) Describe a real auction or tender process. Explain the rules, including the reserve price (if any), the number of bidders, and the likely ranges for bidders' valuations. If you were a participant, then what would you do?