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Repeat given Exercise when the auction method conducted is a sealed-bid firstprice auction with entry fee λ.

Exercise
Consider a sealed-bid second-price auction with entry fee λ and n buyers, whose private values are independent and uniformly distributed over [0,1].

(a) Find a symmetric equilibrium.

(b) What is the seller's expected revenue?

(d) What value does the optimal entry fee approach as the number of buyers increases to ∞?

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Business Management, Management Studies

Category:- Business Management
Reference No.:- M92086472

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