You are a collector of Woolworth's Lion King Ooshies set. You have the complete set and in addition you have an extra piece of the rare Sunset Simba. You are thinking of selling the Sunset Simba at an auction for the purpose of fundraising for your favourite charity. Answer the following:

(i) What type of auction structure (from English open-outcry, Dutch, first or second price sealedbid varieties) will you choose if buyers are risk-neutral and buyer-beliefs are uncorrelated.

(ii) What type of auction structure will you choose if buyers are risk-averse?

(iii) What type of auction structure should you choose if buyers have correlated beliefs? In the above, provide comprehensive explanations for your answers.