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Buyers with two-level models.

Since the buyer receives bids from the sellers, there is no need for her to try to out-guess, or predict what the sellers will bid. She is also not concerned with what the other buyers are doing since, in our model, there is an effectively infinite supply of goods. The buyers are, therefore, not competing with each other and do not need to keep deeper models of others.

Jose M. Vidal
Wed Aug 21 07:12:37 EDT 1996