In a Dutch auction,the higher the bid,the ________ the surplus and the ________ the chance of winning.

Question

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In a Dutch auction, the auction starts with a high asking price which decreases until a bid is made. Therefore, the higher the bid someone is willing to make, the lower their surplus (difference between their valuation and the purchase price) because they are choosing to bid at a higher price point. However, by bidding higher, they increase their chance of winning the item before the price drops further and potentially attracts other bidders.

In a Dutch Auction,the Higher the Bid,the ________ the Surplus