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N players are bidding on an object in a first price auction. The object has a...

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Advance Math

N players are bidding on an object in a first priceauction. The object has a value of vi foreach player i, where v1 > v2> ...>vn> 0. Each player bids secretly choosingnonnegative real number. The winner is the player who bids thelargest number, and that player must pay the amount they bid. If ittie, then the player with the lowest index wins. Formulatethis situation as a strategic game( describe the players, actions,and payoff functions) and show that in all the Nash equilibrium,player 1 wins the auction.

Answer & Explanation Solved by verified expert
4.4 Ratings (889 Votes)
Solution Player is bid is the highest and there are such bids heshe gets vi pbm then highest bidder gets 0 In this case highest bid in a first place    See Answer
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