Maurice Tutor

(5)

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About Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 398 Weeks Ago, 2 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 11 Nov 2017 My Price 5.00

van Gogh painting.

Tess and Meg are the only two bidders in an auction for a van Gogh painting. Each can be one of two types with equal probability: a low-value consumer with valuation $1 million or a high-value consumer with valuation $2 million. Each knows her own type but only knows the probabilities of the other’s type. a. Suppose they compete in a sealed-bid, secondprice auction. What are the equilibrium bidding strategies? Compute the seller’s expected revenue. b. Repeat part a supposing there are three identical bidders. What if there are N bidders? c. Explain how your answer from parts a and b can be used to compute the seller’s expected revenue from a first-price, sealed-bid auction.

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Nov 2017 06:11 PM My Price 5.00

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