Business, 20.12.2019 22:31 iiisavageoreo
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. the seller announced that the highest bid in excess of $10,000 will be accepted. assume that the competitor's bid x is a random variable that is uniformly distributed between $10,000 and $15,000.
(a) suppose you bid $12,000. what is the probability that your bid will be accepted? if required, round your answer to two decimal places.
(b) suppose you bid $14,000. what is the probability that your bid will be accepted? if required, round your answer to two decimal places.
(c) what amount should you bid to maximize the probability that you get the property?
Answers: 1
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Many potential buyers value high-quality used cars at the full-information market price of € p1 and lemons at € p2. a limited number of potential sellers value high-quality cars at € v1 ≤ p1 and lemons at € v2 ≤ p2. everyone is risk neutral. the share of lemons among all the used cars that might be potentially sold is € θ . suppose that the buyers incur a transaction cost of $200 to purchase a car. this transaction cost is the value of their time to find a car. what is the equilibrium? is it possible that no cars are sold
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Suppose we are interested in bidding on a piece of land and we know one other bidder is interested....
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