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Write carefully your answers. Be concise (don't write a novel). 10% of the grade will be related to the quality of your writing (English, being clear and concise). Question 1 Listen Planet Money's podcast: 665: "The pickle problem" http:/.pr/1T4Jatz It is explained that the market can be the solution to some problem. What is that problem and what is the usual solution in economics to that problem? Question 2 A third price auction is similar to a Vickrey auction except that the winner (the bidder with the highest bid) pays the third highest bid. Is it a dominant strategy in this auction to bid one's valuation? If yes, provide a sketch of the proof. If not, provide an example. Question 3 Table 1 describes the bid history for some past auction on eBay. The starting price of the auction was $187.12, and the final price (paid by the winner, bidder D, was $308. The bids given in the table are the submitted bid, and for each submitted bid the date-time at which the bid was made. The date stamp is the date at which the corresponding bidder submitted his/her bid. Give the full history of the bids (i.e., including the automatic bids). Bidder bid date stamp D $308.00 11 Feb 2018 at 2:18:39PM PST B $303.00 10 Feb 2018 at 3:38:26PM PST $300.00 10 Feb 2018 at 12:56:36PM PST B $288.00 10 Feb 2018 at 3:38:22PM PST $258.00 10 Feb 2018 at 3:38:19PM PST $243.00 10 Feb 2018 at 3:38:15PM PST $228.00 10 Feb 2018 at 3:38:12PM PST $213.00 10 Feb 2018 at 3:38:09PM PST $208.00 10 Feb 2018 at 3:38:06PM PST $203.00 10 Feb 2018 at 3:38:03PM PST $198.00 10 Feb 2018 at 3:38:01PM PST B $193.00 10 Feb 2018 at 3:37:58PM PST A $188.00 10 Feb 2018 at 12:28:44PM PST Starting Price $187.12 10 Feb 2018 at 11:47:30AM PST Table 1: Bid history B B B B B B B Question 4 In class (Lecture 2. Slides 27-8), we claimed that "In the Vickrey auction, truthful bidding is a dominant strategy." Complete the proof. Write carefully your answers. Be concise (don't write a novel). 10% of the grade will be related to the quality of your writing (English, being clear and concise). Question 1 Listen Planet Money's podcast: 665: "The pickle problem" http:/.pr/1T4Jatz It is explained that the market can be the solution to some problem. What is that problem and what is the usual solution in economics to that problem? Question 2 A third price auction is similar to a Vickrey auction except that the winner (the bidder with the highest bid) pays the third highest bid. Is it a dominant strategy in this auction to bid one's valuation? If yes, provide a sketch of the proof. If not, provide an example. Question 3 Table 1 describes the bid history for some past auction on eBay. The starting price of the auction was $187.12, and the final price (paid by the winner, bidder D, was $308. The bids given in the table are the submitted bid, and for each submitted bid the date-time at which the bid was made. The date stamp is the date at which the corresponding bidder submitted his/her bid. Give the full history of the bids (i.e., including the automatic bids). Bidder bid date stamp D $308.00 11 Feb 2018 at 2:18:39PM PST B $303.00 10 Feb 2018 at 3:38:26PM PST $300.00 10 Feb 2018 at 12:56:36PM PST B $288.00 10 Feb 2018 at 3:38:22PM PST $258.00 10 Feb 2018 at 3:38:19PM PST $243.00 10 Feb 2018 at 3:38:15PM PST $228.00 10 Feb 2018 at 3:38:12PM PST $213.00 10 Feb 2018 at 3:38:09PM PST $208.00 10 Feb 2018 at 3:38:06PM PST $203.00 10 Feb 2018 at 3:38:03PM PST $198.00 10 Feb 2018 at 3:38:01PM PST B $193.00 10 Feb 2018 at 3:37:58PM PST A $188.00 10 Feb 2018 at 12:28:44PM PST Starting Price $187.12 10 Feb 2018 at 11:47:30AM PST Table 1: Bid history B B B B B B B Question 4 In class (Lecture 2. Slides 27-8), we claimed that "In the Vickrey auction, truthful bidding is a dominant strategy." Complete the proof