Four students who have studied game theory – Al, Byung, Chris and Dawei – plan to bid in a second-price auction for a complete set of Australian Rules grand final programs. Their respective valuations...

Four students who have studied game theory – Al, Byung, Chris and Dawei – plan to bid in a second-price auction for a complete set of Australian Rules grand final programs. Their respective valuations for the set are $100, $150, $75 and $400. Who would you expect to win the programs in a second-price sealed-bid auction? What about a second-price open auction? What would you expect to be the selling price for the programs in each of these auctions?