Matthew is considering selling a painting in an English auction. There are n bidders whose valuations are distributed independently and uniformly on [vL,vU].
a. What is his expected payoff from the auction?
b. A private buyer is willing to pay (vL+vU)/2. What is the minimum number of bidders required for Matthew to choose the auction rather than sell to the private buyer? (Assume Matthew is risk-neutral.)
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