Suppose there are n buyers participating in an auction, where the private values V1, V2,...,Vn are independent and for each i ∈ {1, 2,...,n}, vi is uniformly distributed over [0, vi]. Suppose further that v1 2 n. Answer the following questions
(a) Which selling mechanism maximizes the seller's expected revenue?
(b) What is the seller's expected revenue under this mechanism?
(c) What is the probability that buyer n wins the object under this mechanism?
In the last two items, it suffices to write down the appropriate formula, with no need to solve it explicitly.