QUESTION 13 Consider a sequential trade model in which a security has an uncertain value. The value V of the security can either be $170 or $250 with equal probability. The proportion of informed traders is 50%, whereas the proportion of liquidity traders is 5o%. As usual, liquidity traders buy or sell with equal probability, whereas informed traders only buy when they know the security price is high, and sell when they know the security price is low. The conditional expectation of V, conditional that the first trade is a sell, is: O a. E(V | Sell] 190 Ob.ErV I Sell-180 O c. E(V | Sell]-210 o d. EV | Sell] -220 O e. E[v I Sell] 230 f. None of the above