Suppose we are interested in bidding on a piece of land and we know one other bidder is interested.1 The seller announced that the highest bid in…

Suppose we are interested in bidding on a piece of land and we know one other bidder is

interested.1 The seller announced that the highest bid in excess of $10,000 will be accepted.

Assume that the competitor’s bid x is a random variable that is uniformly distributed

between $10,000 and $15,000.

a. Suppose you bid $12,000. What is the probability that your bid will be accepted?

b. Suppose you bid $14,000. What is the probability that your bid will be accepted?

c. What amount should you bid to maximize the probability that you get the

property?

d. Suppose you know someone who is willing to pay you $16,000 for the property. Would

you consider bidding less than the amount in part (c)? Why or why not?

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