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Argue that bidding their true valuation is dominan strategy

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Suppose three bidders participate in a second price auction.

Their valuations for the object up for sale are private and independent of each other.

Argue that bidding their true valuation is a weakly dominant strategy.

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Second price auction is a non- truthful mechanismm that is practised and the winner is the bidder who bids highest. Other bidders would not survive since they are not competing on the ame same value of an item.

Reference no: EM131300811

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