You are a bidder in an independent private values auction, and you value the object at $2,000. Each bidder perceives that valuations are uniformly distributed between $1,000 and $10,000. Determine your optimal bidding strategy in a first-price, sealed-bid auction when the total number of bidders (including you) is:
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Home » Business » You are a bidder in an independent private values auction, and you value the object at $2,000. Each bidder perceives that valuations are uniformly distributed between $1,000 and $10,000.