1.Dutch auction. This is the correct answer. A “Dutch” auction (also known as “descending price”) is indeed an auction in which a seller begins by offering an item for sale at a relatively high price and then reduces the price by fixed amounts until receiving a bid. 2.Winner's curse. This is the correct answer. In common-value auctions where bidders are uncertain about the true value of the good, the winner’s curse is a phenomenon that occurs when the winner’s bid exceeds the item’s actual value. 3 I and II are true. This is the correct answer. According to the “revenue equivalence theorem”, under certain conditions, the expected revenue from first-price and second-price sealed-bid auction formats is the same (so statement I is correct). Also, the winner’s curse indeed implies that, in a common- value auction, the buyer of the auctioned item is likely the person who made the largest positive error in their estimated value of the item (so statement II is correct).