Business, 07.04.2020 15:41 DASASDAEDWEDA

1.5-Price Auction A seller is auctioning off? a painting and using the following auction format: • If there is a unique highest bidder, then this bidder gets the painting pays the average of the highest bid and the second highest bid. • If there are two highest bids, then break ties by who is older, and this bidder gets the painting and pays the highest bid. • Everyone who is not a highest bidder (or oldest in the set of highest beds) does not receive the painting, and pays nothing. Bidders N = {1, . . . , n} are participating. For each i ∈ N, if bidder i receives the painting and pays x, then i gets utility θi − x. Each i's strategy space Si is a number 0 or above. A strategy pro?le is a pro?le of bids (s1, . . . , sn). (a) (5) Write i's utility for each possible strategy pro?le. (b) (10) Is si = θi a dominant strategy? Show why/why not. (For points, you must show.) (c) (10) Is si = θi a dominated strategy? Show why/why not

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1.5-Price Auction A seller is auctioning off? a painting and using the following auction format: • I...

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