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You are a bidder in a second price sealed bid auction for a painting.You value the painting at $500, but no one else knows this.There

You are a bidder in a second price sealed bid auction for a painting.You value the painting at $500, but no one else knows this.There are 19 other bidders, and you aren't sure of their values for the painting but you believe each is uniformly and independently distributed on the interval [0,700].Assume all players are risk neutral.What is the optimal bid for you to submit?

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