Sealed-bid auctions — First-Price vs. Second-Price
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Strategy debrief
Second-price rounds: bidding your true value is provably your best move (Vickrey's Theorem) —
"optimal bid" below is simply each team's own value. First-price rounds have no single correct
bid; the benchmark shown is the standard textbook shading rule for rational bidders when values
are drawn at random — bid about (n−1)/n of your value, where n is the number of teams.
Use it as a talking point, not a certainty.