In a Second-Price Sealed-Bid Auction the Best Bidding Strategy Is

In a second-price sealed-bid auction the best bidding strategy is to bid:

A) your maximum willingness to pay for the object.
B) the value of the second highest bidder since this gives you the highest probability of winning while maximizing your surplus.
C) something less than your maximum willingness to pay, although how much less depends on a variety of factors.
D) continuing bidding until you win if you like the object.