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You are a bidder in an independent private values auction. Each potential bidder perceives that valuations are evenly distributed between $100 and $1,000. If there
You are a bidder in an independent private values auction. Each potential bidder perceives that valuations are evenly distributed between $100 and $1,000. If there is a total of three bidders and your own valuation of the item is the average of all valuations, what is your optimal bidding strategy in:
a. A first-price, sealed-bid auction? b. A Dutch auction? c. A second-price, sealed-bid auction? d. An English auction?
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