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You are bidding in a first-price, sealed bid, common value auction for oil field drilling rights for a sector of area off the coast of
You are bidding in a first-price, sealed bid, common value auction for oil field drilling rights for a sector of area off the coast of Florida in the Gulf of Mexico. You believe this sector is worth $250 million. You should Group of answer choices bid more than $250 million to increase the likelihood of winning the auction bid $250 million since that is what you estimate it's worth do you consider shading your bid to some amount less than $250 million depending on the number of other bidders bid $0 because you don't want to lose any money
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