Consider a standard first-price auction for a single object. There are three bidders (N = 3) with valuations independently drawn from the uniform distribution on [200, 300). Calculate the auctioneer's expected revenue in the efficient equilibrium of this auction. Type your answer.

Consider a standard first-price auction for a single object. There are three bidders (N = 3) with valuations independently drawn from the uniform distribution on [200, 300). Calculate the auctioneer's expected revenue in the efficient equilibrium of this auction. Type your answer.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter18: Auctions

Section: Chapter Questions

Problem 9MC

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Consider a standard first-price auction for a single object. There are three bidders (N = 3) with valuations independently drawn from
the uniform distribution on [200, 300].
Calculate the auctioneer's expected revenue in the efficient equilibrium of this auction.
Type your answer.

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