• My objective identify the participants and the rules of an auction along with the items being auctioned.

I learned that in a sealed-bid first-price auction, the high bidder wins and pays his value. Bidders must balance the probability of winning against the profit they will make if they do win. Optimal bids are less than bidders' private values. Bidders can increase their profit by agreeing not to bid against one another. Such collusion or bid rigging is more likely to occur in open auctions and in small, frequent auctions.

• I had to read Chapters 16, 17, and 18 in my Managerial Economics textbook by Froeb
• I had to watch ManagerialEcon.com (Chapter 17) here: https://managerialecon.blogspot.com/search/label/17.%20Making%20decisions%20with%20uncertaintyWatch
• I also had to watch managerialEcon.com (Chapter 18) here: https://managerialecon.blogspot.com/search/label/18.%20Auctions

• Last, I had to read the case "California Wood Harvesting Company" here: https://lms.ohiochristian.edu/content/enforced/17110-2209099060128170CO/Calif%20Wood%20Harvesting%20-%20mktg27-case.pdf?_&d2lSessionVal=QJhXSPweDs1yt1qRcZYb3mpey. How might you advise I answer the questions below?
  1. What are the relevant facts?
  2. What are the ethical issues?
  3. Who are the primary stakeholders?
  4. What actions should be taken? Why?

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