To avoid the winner's curse, a bidder needs to know the

Name: To avoid the winner's curse, a bidder needs to know the
Brand: Quizplus
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Question

Quizplus · Accepted Answer

To avoid the winner's curse, a bidder needs to know the largest estimate of value any buyer might receive. This will help the bidder to set a reasonable bid amount that is not based on over-optimistic estimates, which may result in paying more than the item's actual value. Knowing the total wealth of each competing bidder may not necessarily help to avoid the winner's curse.

To Avoid the Winner's Curse, a Bidder Needs to Know