9.5 In a private values model, argue that it is a weakly dominant strategy for a bidder to bid his value in a second-price auction even if the joint distribution of the bidders' values exhibits correlation.

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A:

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Q: 4. What is sensitivity analysis?

A: What Is Sensitivity Analysis?

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.