stackyFACTSWatching wealthy individuals yell increasingly high numbers to win an incredibly ugly antique vase is a fascinating display of competitive overspending.
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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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Making things too convenient can utterly destroy the underlying purpose of a system. When Diablo III launched, it featured an auction house where players…
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Everyone submits a single, totally secret bid, and the highest bidder wins the item but only actually pays the amount offered by the second-highest bidder.…
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Economic 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.…
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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…
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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