Business
Business, 21.04.2020 04:35, stussydaniel

A seller knows that there are two bidders for the object he is selling. He believes that with probability 1/2, one has a buyer value of $5 and the other has a buyer value of $7 and, with probability 1/2, one has a buyer value of $3 and the other has a buyer value of $10. He knows that bidders will want to buy the object so long as they can get it for their buyer value or less. He sells it in an English auction with a reserve price which he must set before the auction starts. To maximize his expected profits, he should set the reserve price at:

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A seller knows that there are two bidders for the object he is selling. He believes that with probab...

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