Solution) The IRS has organized a sealed bid auction to sell an office building whose owners have failed to pa
Question: The IRS has organized a sealed bid auction to sell an office building whose owners have failed to pay back taxes
You estimate the value of the building at $2.9 million. You believe competitors will be in the range of 2 to 3 million dollars with all values having equal probability. What bid would provide the greatest expected profit against one bidder? What bid would you choose if you had two competitors. What would your expected value be?
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See Solution: The solution file consists of 2 pages
Type of Deliverable: Word Document
Type of Deliverable: Word Document
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