Business, 05.12.2019 17:31 fatboicroi
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 $20,000 and $60,000. for each of the following auction types, determine your optimal bidding strategy if you value the item at $48,000. a. first-price, sealed-bid auction. bid $20,000. bid $42,400. bid $60,000. bid $48,000. b. dutch auction. let the auctioneer continue to lower the price until it reaches $60,000, and then yell "mine! ". let the auctioneer continue to lower the price until it reaches $48,000, and then yell "mine! ". let the auctioneer continue to lower the price until it reaches $20,000, and then yell "mine! ". let the auctioneer continue to lower the price until it reaches $42,400, and then yell "mine! ". c. second-price, sealed-bid auction. bid $48,000. bid $20,000. bid $60,000. bid $42,400. d. english auction. remain active until the price exceeds $42,400, and then drop out. remain active until the price exceeds $60,000, and then drop out. remain active until the price exceeds $48,000, and then drop out. remain active until the price exceeds $20,000, and then drop out.
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