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- Two players: Firm 1 and Firm 2 - Two strategies: keeping price unchanged and...

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- Two players: Firm 1 and Firm 2 - Two strategies: keeping price unchanged and increasing price. - Put: 1 - profit of the firm 1 2 - profit of the firm 1 Profit pay-off table is given as follows: (m: million USD) Question: Identify Nash Equilibrium (if any) of the game. 3. What is winner's curse in auctions? How to avoid the winner curse

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