You are one of five risk-neutral bidders participating in an independent private values auction. Each bidder perceives that all other bidders’ valuations for the item are evenly distributed between $50,000 and $80,000. For each of the following auction types, determine your optimal bidding strategy if you value the item at $75,000.
a. First-price, sealed-bid auction.
b. Dutch auction.
c. Second-price, sealed-bid auction.
d. English auction.