Changes

The outside option is: <center><math>(v-m)\left(L-\frac{S}{n}(1-\alpha)^{n-1}\right)\,</math></center>,

:where <math>(v-m)\,</math> is the mark-up, <math>\frac{S}{n}\,</math> is the traffic if no-one else lists and <math>(1-\alpha)^{n-1}\,</math> is the probability that no-one else lists.

The inside option is: <center><math>(v-m)\left(L - S(1-\alpha)^{n-1}\right)-\phi\,</math></center>,

:where <math>S\,</math> is the traffic obtained from listing and <math>\phi\,</math> is the cost of listing.