The Optimal Bid for an Individual Participating in a First-Price,sealed-Bid

Multiple Choice

The optimal bid for an individual participating in a first-price,sealed-bid auction with independent private values is to bid:

A) more than the individual's valuation of the item.
B) less than the individual's valuation of the item.
C) exactly the individual's valuation of the item.
D) There is not an optimal bid strategy for all individuals when independent private values exist.