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Nash equilibrium in the second price auction

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A seller would like to sell a painting using second price (Vickrey) auction. The seller knows that there are three buyers and each buyer is equally likely to have High (H), Medium (M), or Low (L) valuation for the painting. The valuations of the buyers are independently distributed. Assuming that the buyers will play the Nash equilibrium in the second price auction, how much revenue will the seller make?

Reference no: EM132414920

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