Business, 19.12.2019 02:31 wcraig1998

Suppose that 3 risk - neutral bidders participate in an auction. the winner will be appointed as the interim senator by the illinois governor . the bidders a , b and c value the senate seat at $8 million, $6 million and $6 million respectively. each bidder knows everyone’s v aluations (including his own and everyone else’s). the bidders will compete in auctions as desribed in parts (a) through (d), in each case, bids can be made in $1 thousand increments (1 thousand, not 1 million) at any value from $1 million to $10 million. last, the winner must kiss the governor's cheek when the transaction concludes, although he would rather not, all other things being equal. which bidder wins in a first-price sealed-bid auction? how much will the governor receive?

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Suppose that 3 risk - neutral bidders participate in an auction. the winner will be appointed as the...