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What is the expected value of v

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A seller o?ers a good with value v ∈{0,..., 10}, i.e., v is one of these 11 possible values. The seller knows the exact value of v, but a potential buyer only knows that each value of v is equally likely (it is uniformly distributed). The buyer makes an o?er b and the seller accepts the o?er if and only if b ≥ v. (a) What is the expected value of v? (b) What is the expected value of v, given that the seller accepts the o?er? (c) What is the buyer's equilibrium value of b? (d) Explain this result.

Reference no: EM131155293

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