In a Sealed-Bid Auction Under a Private-Value Model,the Winning Buyer's

In a sealed-bid auction under a private-value model,the winning buyer's bid is based on:

A) his reservation price which is equal to his expected profit from the transaction.
B) the quotation submitted by the second last bidder.
C) his expectations of the third-highest buyer value.
D) the expected price of the good that decreases with an increase in the number of bidders.
E) the highest outstanding value that is below his optimal value.