The optimal bidding strategy for an oral auction is
a. To shade your bid below your true value and drop out well before it is reached
b. To shade your bid below your true value and drop out just when the shaded amount is reached
c. To bid drop out when the bidding exceeds your true value
d. To size up your competition to determine how much to shade your bid
c
Economics
You might also like to view...
What factors cause private and social rates of return for primary and secondary education to diverge in developing countries?
What will be an ideal response?
Economics
At the current price of a good, Al's consumer surplus equals 15, and Ben's consumer surplus equals 15. By charging a two-part tariff, a monopolist could increase his profit by
A) 8. B) 16. C) 15. D) 30.
Economics