Problem
A third price auction is similar to a Vickrey auction except that the winner (the bidder with the highest bid) pays the third higest bid. Is it a dominant strategy in this auction to bid one's valuation? If yes, provide a sketch of the proof. If not, provide an example.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.