You are one of five risk-neutral bidders participating in an independent private values auction. Each bidder perceives that all other bidders' valuations for the item are evenly distributed between $50,000 and $70,000. For each of the following auction types, determine your optimal bidding strategy if you value the item at $62,000.

a. First-price, sealed-bid auction.

multiple choice 1

• Bid $59,600
• Bid $70,000
• Bid $62,000
• Bid $50,000

b. Dutch auction. multiple choice 2

• Let the auctioneer continue to lower the price until it reaches $50,000, and then yell "Mine!".
• Let the auctioneer continue to lower the price until it reaches $70,000, and then yell "Mine!".
• Let the auctioneer continue to lower the price until it reaches $59,600, and then yell "Mine!".
• Let the auctioneer continue to lower the price until it reaches $62,000, and then yell "Mine!".

c. Second-price, sealed-bid auction. multiple choice 3

• Bid $62,000
• Bid $59,600
• Bid $70,000
• Bid $50,000

d. English auction. multiple choice 4

• Remain active until the price exceeds $70,000, and then drop out.
• Remain active until the price exceeds $50,000, and then drop out.
• Remain active until the price exceeds $62,000, and then drop out.
• Remain active until the price exceeds $59,600, and then drop out