An individual has a property and he organizes an auction sealed at the first price to...

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An individual has a property and he organizes an auction sealed at the first price to sell it. There are five bidders whose ei value they attribute to the acquisition of the property is given in the following table: Bidder (i) 1 2343 5 Oi 0.189634 0.303729 0.244809 0.40486 0.130565 (A) Who wins the auction and what is the price of the property? (B) If the individual organizes a sealed auction at the second price to sell the object, who wins the auction and what is the price of the property? An individual has a property and he organizes an auction sealed at the first price to sell it. There are five bidders whose ei value they attribute to the acquisition of the property is given in the following table: Bidder (i) 1 2343 5 Oi 0.189634 0.303729 0.244809 0.40486 0.130565 (A) Who wins the auction and what is the price of the property? (B) If the individual organizes a sealed auction at the second price to sell the object, who wins the auction and what is the price of the property?

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A In a sealed firstprice auction the bidder with t... View the full answer