In an auction where values or common or correlated, it is best for firms to participate in auction that have_______bidders and be_______aggressive in their bidding strategy when the true value of the item is highly uncertain.

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When values are correlated or common, it means that there is less variability in the values that bidders assign to the item. In this case, having too many bidders could result in an over-inflated price. It is best for firms to participate in auctions with few bidders to avoid this situation. When the true value of the item is highly uncertain, firms should also be less aggressive in their bidding strategy to avoid overpaying. Therefore, the combination of few bidders and less aggressive bidding is the best option.

In an Auction Where Values or Common or Correlated, It