You Don’t Need Reference To Answer Rhis Question

4. (1.5 p.) Consider a second-price sealed-bid (private-value) auction described at p. 515 (Perloff ch.14) with N bidders tha

You don’t need reference to answer rhis question.
Consider a second-price sealed-bid (private-value) auction with N bidders that have different valuations of the object. Suppose that if K (K>1) bidders submit the highest bid each
gets the object with probability 1/K. Denote the valuation of bidder i by vi and the bid of agent i – by bi . Demonstrate that for each bidder i submitting bi  vi , i.e. bidding truthfully, is a weakly dominant strategy.