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Determine optimal bidding strategy in a first-price

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Reference no: EM132755431

Problem 1: You are a bidder in an independent private values auction, and you value the object at $3,500. Each bidder perceives that valuations are uniformly distributed between $2,000 and $8,000. Determine your optimal bidding strategy in a first-price, sealed-bid auction when the total number of bidders (including you) is:

a. 2 bidders.

b. 10 bidders.

c. 100 bidders.

Reference no: EM132755431

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