Suppose there was an open outcry English second-price auction. All bids are public. You are willing to
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Suppose there was an open outcry English second-price auction. All bids are public. You are willing to bid a maximum of $100 for the auctioned item. You know that no one else will be willing to pay more than $200 for the object. The first bid by one of your competitors is for $10. What should you bid? Why?
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You should bid more than 200 say 1000 because you wil...View the full answer
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