#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
In a sealed bid auction, the optimal bid for the bidder with the highest reservation price would be just slightly above that of the bidder who values the item second-most highly. For this reason, bids are not necessarily equal to bidders' reservation prices.
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iamcfa - (no access) - 2015 CFA Level 1 Study Schweser Book 2 - Economics, p18
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