26 Jul WHAT IS YOUR OPTIMAL BID?
Suppose you and one other bidder are competing in a private-value auction. The auction format is sea Show more Suppose you and one other bidder are competing in a private-value auction. The auction format is sealed bid first price. Let and denote your valuation and bid respectively and let and denote the valuation and bid of your opponent. Your payoff is if it is the case that . Your payoff is 0 otherwise. Although you do not observe you know that is uniformly distributed over the interval between 0 and 1. That is is the probability that . You also know that your opponent bids according to the function . Suppose your value is 3/5. What is your optimal bid? (show all the work/process & answer for the question) Show less
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