In an English auction, with rational bidders, the object being sold always goes to the bidder who values it most highly.

Question

Quizplus · Accepted Answer

In an English auction, bidders publicly state their willingness to pay for the object being sold, with the price increasing until only one bidder is willing to pay the current price. As a result, the bidder who values the object the most is willing to pay the highest price, and thus wins the auction. Rational bidders will only bid up to the point where the value of the object to them equals the price being asked, so the highest bidder must value the object more than any other bidder.

In an English Auction, with Rational Bidders, the Object Being