Question: AUCTION BIDDING PROTOCOLS: ENGLISH (PRIVATE VALUES) - Protocol: Each bidder is free to raise bid. When no bidder is willing to raise, the auction ends,

AUCTION BIDDING PROTOCOLS: ENGLISH (PRIVATE VALUES) - Protocol: Each bidder is free to raise bid. When no bidder is willing to raise, the auction ends, and the highest bidder wins the item at the price of his bid. - Strategy: Bids are a function of: - Agent's private value. - Estimates of others' valuations. - Bid history

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