Question: Can you help me with this question please 2. Suppose you and one other bidder are competing in a private-value auction. The auction format is

Can you help me with this question please

2. Suppose you and one other bidder are competing in a private-value auction. The auction format is sealed bid, rst price. Let '1) and b denote your valu- ation and bid, respectively, and let '3 and (3 denote the valuation and bid of your opponent. Your payoff is v b if it is the case that b 32 13. Your payoff is 0 otherwise. Although you do not observe '53, you know that '53 is uniformly distributed over the interval between 0 and 1. That is, v' is the probability that '53

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