Value of a Second Price Auction: Determine the value of a second price auction for a logarithmic decision maker with initial wealth equal to $100. Use the same parameters and distributions as those in...

Value of a Second Price Auction: Determine the value of a second price auction for a logarithmic decision maker with initial wealth equal to $100. Use the same parameters and distributions as those in Section 31.6 of this chapter. Is the value higher or lower than that for a deltaperson with risk tolerance equal to $100?