![]() ![]() Then besides all these rational motives, you have the irrational ones. the quality is actually higher than what the auction description says). Similarly, I might do some quick research and decide that a coin is valued at $10, but if I see bids at $100 that means that either my prior was wrong or the bidders are wrong, and thus I do a bit more research and try to see if there is anything special about the coin (e.g. I stop and say wait that's probably something interesting, and start doing a bit more research on the value of the coin. ![]() The reason is that for most goods (luxury goods, stuff with resale value, stuff where you might now all the details, etc.) you are actually dealing with a common value auction, so you DON'T want to reveal your cards before hand.įor instance, suppose I see an auction with 5 existing bids. When I bid on coins I NEVER bid the actual maximum on ebay I just use and place my actual willingness to pay there. ![]()
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