5. (10 points) Explain why it is unwise to bid more than your valuation of the good in a sealed bid second-price auction.

B. Translation: (30 points) Please translation the following passage by Xiaoqiao Ling (Feeling the Past in Seventeenth-Century China, pp.1-2) into Chinese. "This book studies the immediate responses of literary men to the Manchu conquest of China (1640s- 1680s), as well as their later contemplations of that era through the act of writing. The Manchu conquest created an unprecedented rupture in Chinese cultural life, marked particularly by the Qing court's implementation of a haircutting policy(tifa ling 薙髮令)that mandated that non-clerical male subjects shave their foreheads and plait their hair according to the Manchu custom.2 Many scholar officials (shi 士), especially those in the Jiangnan area who thought they resided at the very center of cultural refinement, found themselves adrift when they saw the socio-political order crumbling, leading to the loss of 'This Culture of Ours' (siwen斯文)”

5. (10 points) Explain why it is unwise to bid more than your valuation of the good in a sealed bid second-price auction.

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