Allocating space on the first civilian flight

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We are allocating space on the first civilian flight to the Moon. There are only n seats available and m > n people who would be interested in going. The seats will be allocated by sealed-bid auction in which the n highest bidders will win. Come up with a rule for determining the price that the winners will pay so that bidding one's true value will be a dominant strategy.

Reference no: EM13722199

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