3. Suppose you hold a 1" price auction and the high bid received for the item is $60. A friend (who claims to be an expert in auction theory) tells you that, as long as all of the bidders in the...

Extracted text: 3. Suppose you hold a 1" price auction and the high bid received for the item is $60. A friend (who claims to be an expert in auction theory) tells you that, as long as all of the bidders in the auction are risk neutral, then you would have also received S60 if you had conducted an English or Dutch auction. Please discuss the correctness of this claim using your knowledge of auction theory.