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2 bidders have identical valuations of an object for sale. The value of the object is either 0; 50 or 100, with equal probabilities. The object is allocated to one of the bidders in a second price (Vickrey) auction: the highest bidder gets the object and pays the second highest bid.
In case of a tie the object goes to bidder 1. Bidder 1 gets the signal 1 where T1(0) = l; T1 (50) = m and T1(100) = h. Bidder 2 gets the signal T2 where T2 (0) = L and T2(50) = T2(100) = H.
(i) Find a Nash equilibrium of this auction.
(ii) What is the seller's revenue? Could the seller get a higher revenue if bidder 2 had better information? Explain.
(a) If one solves the ordinary differential equation using Euler's method find an expression for the local truncation error. (b) Using the result of (a) above what will
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