stackyFACTSEconomic theory recognizes the winner's curse: if you beat everyone else's bid, it means your valuation was the most wildly optimistic one in the room. Congratulations, you played yourself.
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In an auction with incomplete information, the person who wins is generally the person who most severely overestimated the actual value of the item. The…
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If you ask people to write down the last two digits of their government ID number before an auction, those with high digits will literally bid significantly…
Discover moreSelling thin air requires a masterclass in aggressive game theory. Because spectrum licenses are worth exponentially more when they cover adjacent geographic…
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The most common auction format relies entirely on ego and public spectacle. An English auction starts low and uses open ascending bids to create a frantic…
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Programmer Laszlo Hanyecz bought two Papa John's pizzas in 2010 using exactly ten thousand Bitcoins. At the specific time of the transaction, those digital…
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Watching wealthy individuals yell increasingly high numbers to win an incredibly ugly antique vase is a fascinating display of competitive overspending.
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