In a Dutch Auction with Imperfect Information, the Winner of the Auction

Multiple Choice

In a Dutch auction with imperfect information, the winner of the auction is the bidder who values the object:

A) Least and pays what the object is worth to the highest bidder less the bidding increment.
B) Most and pays the highest announced price that is below that value.
C) Most and pays what the object is worth to the next highest bidder plus the bidding increment.
D) Least and Pays what the object is worth to the highest bidder less the bidding increment.
E) None of the above are correct.