Which of the following is the Nash equilibrium outcome of an English auction?
A) The highest bidder pays exactly the same price as the second-highest bidder.
B) The highest bidder pays a fraction more than the second-highest bidder.
C) The highest bidder pays the expected value of the second-highest bidder's willingness to pay.
D) The highest bidder pays half the bid of the second-highest bidder.
Correct Answer:
Verified
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