Question: 6. Consider a private value auction with reserve price 3. Suppose there are two bidders, and each bidder's value is independently drawn from the same

6. Consider a private value auction with reserve price 3. Suppose there are two bidders, and each bidder's value is independently drawn from the same uniform distribution ranging from I} to $4. If the auction is an English auction, what is the equilibrium bidding strategy? Does the revenue equivalence theorem apply to this auction

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