Question

You have an opportunity to make one bid on an object, whose value to its owner is, as far as you know, uniformly random between $0 and $100. What you do know is that you are so much better at operating the widget than he is, that its value to you is 80% greater than its value to him.

Answer 1

You have an opportunity to make one bid on an object, whose value to its owner is, as far as you know, uniformly random between $0 and $100. What you do know is that you are so much better at operating the widget than he is, that its value to you is 80% greater than its value to him.

If you offer more than the widget is worth to the owner, he will sell it. But you get only one shot

Answer 2

Answer:

You have an opportunity to make one bid on an object, whose value to its owner is, as far as you know, uniformly random between $0 and $100. What you do know is that you are so much better at operating the widget than he is, that its value to you is 80% greater than its value to him.