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You are one of five risk-neutral bidders participating inan auction.Each bidder perceives that all other bidders' valuations for the item are evenly distributed between $50,000

You are one of five risk-neutral bidders participating inan auction.Each bidder perceives that all other bidders' valuations for the item are evenly distributed between $50,000 and $80,000.You value the item at $75,000.

What is your optimal bid if this is a Dutch auction?

What is your optimal bid if this is a second-price sealed auction?

What is your optimal bid if this is a first-price sealed auction?

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