In Nash Equilibrium in a Dutch Auction with Private Values

In Nash equilibrium in a Dutch auction with private values, the optimal bid is calculated by _____, where N is the number of bidders.

A) N/(N - 1) × the probability of winning the auction
B) (N - 1) /N × the bidder's maximum willingness to pay
C) N/(N - 1) × the expected value from winning the auction
D) (N - 1) /N × the reserve price in the auction