Five-card majors for offensive purposes. However, if the trump cards break 4-1 or 1-4, then drawing trump will result in no trumps left for offensive purposes. The value of five-card majors can be understood then on two levels: But five-card majors have several drawbacks: Both partners must agree to follow the five-card major bidding treatment on their opening bid. Opener must have at least five cards in hearts or spades to start the bidding with that suit. Responder is expected to show support with three-card support, indicating an eight-card fit. With only four cards in a major suit, the opening bidder is
Common value auction an explanation to jump bidding in English auctions. Two bidders, Xenia and Yakov, participate in an auction for a single item. The valuations depend on A B and C -- three independent random variables drawn from a continuous uniform distribution on the interval [0,36]: Below we consider several auction formats and find a SBNE in each of them. For simplicity we look for SBNE in which each bidder bids formula_12 times his/her signal: Xenia bids formula_13 and Yakov bids formula_14. We try to find the value of formula_12 in each case. In a sealed-bid second-price auction, there is a SBNE