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Experiencing the consequence of being outbid

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Reference no: EM131299311

Recall the looser-pay-winner sealed bid auction

(A) Explain why actually experiencing the consequence of being outbid eventually caused the bidders to change their thinking about how much to bid during the experiment.

(B) Explain how this change caused the bidders to eventually bid at or near double the value of the prize near the end of the experiment (even though doing so implies the winning bidder will suffer a loss).

Reference no: EM131299311

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