In a first-price sealed-bid auction, the winner pays

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In a first-price sealed-bid auction, the winner pays

In a first-price sealed-bid auction, the winner pays

▸ its own, highest bid.

▸ the amount bid by the runner-up.

▸ the average of the three highest bids.

▸ the common value.

Textbook

Managerial Economics and Strategy

Edition: 3^rd

Authors: Perloff, Brander

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