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 case, where there is always a SBNE (see first-price sealed-bid auction). The following example is based on. There are two bidders participating in a second-price sealed-bid auction for an object. Each bidder "i" receives signal "si"; the signals are independent and have continuous uniform distribution on [0,1]. The valuations are: where formula_5 are constants (formula_6 means private values; formula_7 means common values). Here, there is a unique SBNE in which each player bids: This result is in contrast to the private-value case, where in SBNE each player truthfully bids his value (see second-price sealed-bid auction). This example is suggested as