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2750脑筋急转弯简单derivationshort

Dutch Auction as a First-Price Clock

题目

In a Dutch descending-price auction with four bidders whose i.i.d. values are Uniform(0,1)\mathrm{Uniform}(0,1), a bidder has value 0.80.8. Assuming risk neutrality and the private-value benchmark, at what clock price should that bidder stop the clock in symmetric equilibrium? Briefly explain why.

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