In which of the following situations do you think an auction
would be more useful, and in which—fixed price?
Items
Seller knows nothing about buyers' WTP
Seller knows that the highest WTP is $100
Seller knows that buyer's WTP falls somewhere between $0 and
$100, with exactly one buyer willing to pay above $90
Seller knows that buyers' WTP falls somewhere between $0 and
$100, with at least three buyers willing to pay above $90
Buyers are time-constra-
ined