(Answered) 1 suppose there are two bidders with types distributed

Statistics

1. Suppose there are two bidders with types distributed uniformly on the interval [0, 1] and that the common value is given by u(x1, x2) = 2x1 -x2.

Find the equilibrium bidding strategies for the first- and second-price auctions. Compute the expected revenue associated with each auction format.

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