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Suppose at an all-pay sealed bid auction, there are 30 bids.The first 10 participants bid $3 million.Participants 11 to 20 bid $5 million. And the last 10 bid $7 million.What is the winner's curse for bidder number 11?

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Suppose at an all-pay sealed bid auction, there are 30 bids.The first 10 participants bid $3 million.Participants 11 to 20 bid $5 million. And the last 10 bid $7 million.What is the winner's curse for bidder number 11?





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