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In: Economics

Your company is bidding for mineral rights to a tract of land for drilling oil. Based...

Your company is bidding for mineral rights to a tract of land for drilling oil. Based on your geological survey reports, your valuation of the mineral rights is $10 million. You believe the distribution of bids will be uniform for the mineral rights, with a high value of $15 million and a low value of $2 million. In a second-price sealed-bid auction, how much should you for bid if there are 10 bidders?
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Rahul Sunny answered 1 year ago
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