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Y5 (d) We can use the difference between the beliefs of a rational and a naive bidder to quantify the winner's curse. So, let's define

(d) We can use the difference between the beliefs of a rational and a naive bidder to quantify the winner's curse. So, let's define the magnitude of the winner's curse for a bidder who has r in her wallet as we(@) = E[ | Xi = =] - EMVi | Xi = x, Xj

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