Mr.Smith won a laptop in an online auction in which bidders could one another's bids,and the price increased with every new bid.
a)If Mr.Smith values the laptop at $400,determine his dominant strategy.
b)Will there be a change in his optimal bidding strategy if there is an increase in the number of bidders?

Question

Quizplus · Accepted Answer

The Answer of Mr.Smith won a laptop in an online auction in which bidders could one another's bids,and the price increased with every new bid.
a)If Mr.Smith values the laptop at $400,determine his dominant strategy.
b)Will there be a change in his optimal bidding strategy if there is an increase in the number of bidders?

MrSmith Won a Laptop in an Online Auction in Which