Firm Z Is One of the 4 Bidders,each with a Value

question 12

Multiple Choice

Firm Z is one of the 4 bidders,each with a value independently drawn from the range $20,000 to $60,000.All values are equally likely.Let us consider bi and vi as the holding value and bidding value of the bidder 'i' respectively.Therefore,in a sealed-bid auction,Firm Z's equilibrium bidding strategy will be_____.

• A)b_i = (0.25)(40,000)+ 0.75v_i
• B)b_i = (0.5)(20,000)+ 0.5v_i
• C)b_i = (0.5)(40,000)+ 0.5v_i
• D)b_i = (0.25)(20,000)+ 0.75v_i
• E)b_i = (0.75)(20,000)+ 0.25v_i

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