Consider an auction where n identical objects are
offered, and there are (n 1 1) bidders. The actual value of an object is the
same for all bidders and equal for all objects, but each bidder gets only an independent
estimate, subject to error, of this common value. The bidders submit sealed
bids. The top n bidders get one object each, and each pays what she has bid.
What considerations will affect your bidding strategy? How?