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Winning bidder pays half of the highest bid

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Consider an auction where the winning bidder pays half of the highest bid and half of the second highest bid, meaning the average of the two highest bids. Assume players have different valuations like v1>v2>...>vn. And the valuations are common knowledge. Ties are won by the tied player with the highest valuation. So what are the Nash equilibriums? Is there any Nash equilibrium in which player other than the one with the highest valuation wins?

Reference no: EM131229952

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