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Brandenburg 4.2 Bremen 4.4 Hamburg 4.0 Hessen 3.9 Mecklenburg-Vorpommern 4.2 Niedersachsen 3.9 Nordrhein-Westfalen 3.9 Rheinland-Pfalz 3.2 Saarland 4.0 Sachsen 4.4 Sachsen-Anhalt 4.5 Schleswig-Holstein 4.5 Thüringen [...] Brandenburg 4.1 Bremen 4.4 Hamburg 4.0 Hessen 3.8 Mecklenburg-Vorpommern 4.1 Niedersachsen 4.0 Nordrhein-Westfalen 3.8 Rheinland-Pfalz 3.2 Saarland 3.6 Sachsen 4.5 Sachsen-Anhalt 4.7 Schleswig-Holstein 4.4 Thüringen [...] 3.9 Bremen 4.8 Hamburg 3.9 Hessen 3.8 Mecklenburg-Vorpommern 4.1 Niedersachsen 4.1 Nordrhein-Westfalen 4.1 Rheinland-Pfalz 3.4 Saarland 4.0 Sachsen 4.2 Sachsen-Anhalt 4.6 Schleswig-Holstein 4.5 Thüringen …

ly, yielding ( ) ( ) ( ) ( ) ( ) 0 0 0 0 2 2 2 24 4 4 4 2 2 0 4 4 04 4 4 4 4 4 0 4 4 0 4 43 3 3 3 log log (3),(4) 0 4 4 0 4 4log log( ) log log( ) 0 4 2 ( P CB A B A B A B A urg urg urg urg t s offer A [...] prove that: ( ) ( ) ( ) ( ) ( ) ( ) ( ) 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 0 ( ) ( ) ( )2 4 0 ( ) 0 0 ( )2 0 4 ( ) 0 0 , log log log log : 0 3 log log log : 0 3 C P C P B A sim B A sim B A sim B A B A sim [...] = ( )4 4 4 0 4 42 0 4 4 0) ( ) 0 B A B bid A B A B bid− − + + − − = (3) (3) 0P CF offer bid⇒ = − ≥ − II. We have 6 60 0 2 21 1 6 60 0 0 4 4 01 1 6 60 0 1 1 4 4 (3),(4) 4 4log( ) log( ) 0 4 4 0 4 4 1 1(6) …

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19 4,057 84* 0.78 4,005 86* 0.80 4,038 78* 0.95 4,007 38* 1.14 4,017 27* 1.04 3,998 82* 0.97 4,050 99 0.29 4,056 30* 1.12 4,019 50* 1.21 4,026 22* 1.01 4,003 95* 0.45 4,037 66* 1.05 4,005 7* 0.64 4,043 [...] 196 4.4 0.10 196 5.4 0.08 196 3.4 0.15 196 4.5 0.13 195 4.8 0.09 196 5.5 0.07 197 5.4 0.08 197 4.7 0.11 197 4.8 0.11 195 Sachsen 5.6 0.04 412 3.4 0.09 409 4.7 0.06 410 5.5 0.04 409 3.2 0.08 409 4.4 0.08 [...] orpommern 4 2.16 47 4.29 49 4.28 136 27 4.07 38 4.12 35 4.08 134 11 2.48 16 3.25 73 3.79 136 56 4.25 22 3.44 23 3.43 133 23 4.04 47 4.30 30 3.77 134 46 4.37 31 3.81 24 3.51 134 48 4.35 44 4.28 8 2.31 133 …

¢ ¢ Ì 4 5 8 ¡ ¡ 4 5 5 * 8 ¢ ¤ à 4 . 9 / . 5 1 5 , 4 Æ 8 4 5 / È , 0 3 . / 4 + Ì i 4 ¡ / ¡ + È 0 4 5 . ) 9 Í , 0 / 4 / . 5 1 5 , 4 Æ 8 4 5 / / Ê 4 , 4 9 8 ¡ / 0 + ) + * / Ê 4 9 4 Ë , 4 4 + * , 4 È ¢ 0 ¡ [...] ¢ - + 5 / 4 5 5 4 ) / 0 . ¢ ¢ 6 ¡ , 0 / 0 ¡ . ¢ / . 5 1 0 ) 5 / . ) ¡ 4 * . 0 ¢ 5 Ð È , + 3 0 5 0 + ) 5 . , 4 / . 1 4 ) / + 4 ) 5 8 , 4 / Ê . / / Ê 4 ) 4 Ñ / 0 ) 5 / . ) ¡ 4 Î / + Ì 4 4 5 5 4 ) / 0 . ¢ [...] Í Ê 0 ¢ 4 5 4 ) 5 + , 9 . / . . , 4 È 4 , 0 + 9 0 ¡ . ¢ ¢ 6 * 0 ¢ / 4 , 4 9 . ) 9 5 / , 8 ¡ / 8 , 4 9 ¡ + ) / , + ¢ / . 5 1 5 Î ¡ + , , 4 ¡ / 0 3 4 . ¡ / 0 + ) 5 Ï Í + 8 ¢ 9 Ì 4 0 ) 3 + 1 4 9 0 * Ð . …