谁能帮我读懂这道题在问什么？关于auction的。

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是Eric Rasmusen写的Games and information: an introduction to game theory的13章里面的一道习题。
那个第二问和第三问问的是什么呀？什么是puts on different values of Z？

13.4. An Auction with Stupid Bidders (hard)
Smith’s value for an object has a private component equal to 1 and another component Z that
is common with Jones and Brown. Jones’s and Brown’s private components both equal zero.
Each bidder estimates Z independently. Bidder i’s estimate is either xi above the true value or xi
below, with equal probability. Jones and Brown are naive and always bid their value estimates.
The auction is ascending. Smith knows all three values of xi , but not whether his estimate is too
high or too low.
(a) If xSmith = 0, what is Smith’s dominant strategy if his estimate of Z is 20?
(b) If xi = 8 for all bidders and Smith estimates that Z = 20, what are the probabilities that
he puts on different possible values of Z?
(c) If xi = 8 for Jones and Brown but xSmith = 0, and Smith knows that Z = 12 with certainty,
what are the probabilities he puts on the different combinations of bids by Jones and Brown?
(d) Why is 9 a better upper limit on bids for Smith than 21, if his estimate of Z is 20, and
xi = 8 for all three bidders?

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关键词：auction CTI AUC TIO Combinations auction

这题目你应该知道了，就是相当于拍卖的博弈了，史密斯知道所有三个人的报价，但是不知道它是高于还是低于实际价值，然后考察在此情况下史密斯产生动作的可能

2.当前报价是8，（不确定是三者之中的谁），史密斯的预算是20，在此情况下，史密斯重新报价的可能性
  puts on different values of Z的意思是在预算的基础上提升报价（如果当前报价已经高于预算，那似乎不能再加价了吧？）
3.史密斯报价为0，当前报价为8（不确定是其余两者谁的报价），但是知道报价12买下还是合适的，那么史密斯报价高于8的可能性有多大？