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Suppose at an all-pay auction, the low bid is $3 million, the middle bid is $7 million, and the high bid is $8 million.What is the realized market value to the person selling?

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Suppose at an all-pay auction, the low bid is $3 million, the middle bid is $7 million, and the high bid is $8 million.What is the realized market value to the person selling?





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