Your company is bidding for a service contract in a first price, sealed bid auction. You value the contract at $12 million. You believe the distribution of bids will be uniform, with a high value of $16 milion and a low value of $3 million.
Your company is bidding for a service contract in a first price, sealed bid auction. You value the contract at $12 million. You believe the distribution of bids will be uniform, with a high value of $16 milion and a low value of $3 million. What is your optimal bidding strategy with
a. 5 bidders?
b. 10 bidders?
c. 20 bidders?
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