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Finally, an example in Haile (1996) shows that when competing buyers know each other's type with probability that becomes arbitrarily close to 1, and all competing buyers have some intrinsic value for the auctioned object, the seller can profitably exclude one of the buyers from the auction. 9 is achieved by three repeat firings, with probability of hitting a target in one firing being 0. Being able to validate severity measurements systems only by expert judgment (of measurement methods or in comparison to expected outcomes), people have turned to correlating severity scores with probability of death after treatment. |
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