What is the dominant strategy for bidders in an English oral auction?
What is the dominant strategy for bidders in an English oral auction?
A) Keep bidding until all other bidders quit, regardless of your reservation price.
B) Bid until the previous bid price equals the reservation price of the last bidder.
C) Bid until the first-price and second-price bids are equal.
D) Stop bidding once the price exceeds your reservation price.
ANSWER
D
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