You are a bidder in an independent private values auction, and you value the object at $3,500. Each bidder perceives that valuations are uniformly distributed between $500 and $7,000. Determine your optimal bidding strategy in a first-price, sealed-bid auction when the total number of bidders (including you) is: a. 2 bidders. Bid: $ b. 10 bidders. Bid: $ c. 100 bidders. Bid: $ •p.

You are a bidder in an independent private values auction, and you value the object at $3,500. Each bidder perceives that valuations are uniformly distributed between $500 and $7,000. Determine your optimal bidding strategy in a first-price, sealed-bid auction when the total number of bidders (including you) is: a. 2 bidders. Bid: $ b. 10 bidders. Bid: $ c. 100 bidders. Bid: $ •p.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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