Suppose You Were Competing in a Sealed-Bid,second-Price Auction for a Vermeer

question 18

Multiple Choice

Suppose you were competing in a sealed-bid,second-price auction for a Vermeer painting,which you happen to value at $100,000.What bid should you submit?

• A)Exactly $100,000
• B)Somewhat lower than $100,000 depending on the number of other bidders
• C)Somewhat higher than $100,000 depending on the number of other bidders
• D)Cannot say which of a,b,or c is right without further information

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