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Now let's suppose that there are three bidders who have independent, private values vi which are either 1 or 3. for each bidder, the probabilities of 1 and 3 are both 1/2. w…
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Now let's suppose that there are three bidders who have independent, private values vi which are either 1 or 3. for each bidder, the probabilities of 1 and 3 are both 1/2. w…
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Apr 19, 2019
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Now let's suppose that there are three bidders who have independent, private values vi which are either 1 or 3. for each bidder, the probabilities of 1 and 3 are both 1/2. what is the seller's expected revenue in this case?
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Expected value,
E[X] =
= (1/2)*1 + (1/2)*3 = 0.5+1.5 = 2
Nigam Patro
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Apr 24, 2019
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