Supplement to "A Comment on 'Can Relaxation of Beliefs Rationalize the Winner's Curse?: An Experimental Study'"

In this note, we provide (i) the derivation of the cursed equilibrium and analogy-based expectation equilibrium (which are the same under our specification) and (ii) the derivation of L1's bids with a discrete bid space (which is analogous to ILN's Proposition 3).