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Alexander Ovechkin is a free agent player in the NHL. The Washington Captials and the Boston Bruins will both offer competing bids for Ovechkin in a first-price (English) auction. The value of Ovechkin to the Capitals is vC= $47.5 million and the value of Ovechkin to the Bruins is vB= $50 million.
1. First assume that Ovechkin is indifferent between the two teams, and will simply accept the highest bid.
a) Which team will get Ovechkin, and what is the winning bid of that team?
b) What is the winning team's payoff (value minus bid)?
2. Now, assume that Ovechkin prefers the Captials and will accept an offer from the Bruins only if their bid is at least $6 million higher than the bid from the Captials.
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