Business, 06.08.2021 23:50 rebeccatrentbu7018

Suppose a piece of art has recently become available for sale and will be auctioned off to the highest bidder with the winner paying an amount equal to the second highest bid. Assume most collectors know that Frances places a value of 65,000 on the art piece. Suppose no one else shows up and Frances bids 32,500 and wins the piece of art. The expected price paid by Frances with no other bidders present is ?
Suppose Jake is recruited to the auction . Jake is known to value the art piece at $52,000. The expected price paid by Frances given the presence of the second bidder is ?

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Suppose a piece of art has recently become available for sale and will be auctioned off to the highe...

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