Sometimes, a descending price auction is modified (modified Dutch auction) so that winning bidders all pay the same price, which is [...].
Answer
the reservation price of the bidder whose bid wins the last units offered (it is about auction where many equally valuable units are auctioned)
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Open it Sometimes, a descending price auction is modified (modified Dutch auction) so that winning bidders all pay the same price, which is the reservation price of the bidder whose bid wins the last units offered.
Original toplevel document (pdf)
owner: iamcfa - (no access) - 2015 CFA Level 1 Study Schweser Book 2 - Economics, p19
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