If two art dealers bidding for a Picasso receive the following forecast information about the chance of a forgery which with previously unknown Picasso paintings is present 8 times in 10 historically,what is the amount by which strategic underbidding could be reduced if ten bidders were attracted to the auction?
Definitions:
Fiscal Year
A 12-month period used for accounting purposes and financial reporting by organizations, which may not align with the calendar year.
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