The table above lists the independent private values of five participants in an auction. Each of the bidders only knows their o value and does not know the private values of the other participants.
-Refer to the table above. Recall that the bidders only know their own private value of the item and they do not know the other participants' private values. Further, assume each participant will submit bids using their optimal strategy. If the participants are bidding in a sealed- bid second- price auction, Bidder _________ wins the auction and pays_______ .
Definitions:
Purchasing Value
The worth of goods or services that can be bought with a specified amount of currency.
Spot Exchange Rates
Refers to the current exchange rate at which currencies can be traded immediately or on the spot.
Overvalued Currency
A currency whose value is higher than its actual demand or economic fundamentals justify.
Non-Performing Loan
A loan in which the borrower is in default and has not made scheduled payments of principal or interest for a certain period, typically 90 days.
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