You are bidding on a first-price sealed-bid auction. The item that is being auctioned is an oil field. Nobody knows the true value of the oil field - each bidder hired a different geologists who will try to "guesstimate" how much oil is down there. To avoid the winner's curse, you should reduce your bid: O As the number of bidders decreases. As the number of bidders increases. None of the statements are correct (i.e. "none of the above"). If new information has caused you to increase your private estimate. If they collect the sealed envelopes in alphabetical order