Appendix:
If Two Art Dealers Bidding for a Picasso Receive $\quad$

Appendix:
If two art dealers bidding for a Picasso receive the following forecast information about the chance of a forgery which with previously unknown Picasso paintings is present 8 times in 10 historically,what is the amount by which strategic underbidding could be reduced if ten bidders were attracted to the auction?
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​ Forecast Received: $\quad$ Not a forgery, Actual Ficasso is Forecast
Forecast Accuracy: $\quad$ Prob(This Forecast/Actual Forgery) $= 0.4$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Prob(Forgery Forecast/Actual Forgery) $= 0.6$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Prob(This Forecast/Actual Ficasso $) = 0.9$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Prob(Forgery Forecast Actual Ficasso $) = 0.1$