Common Value English

Each bidder has private information about an item’s true value, but no player knows the value for certain. Bids, which must improve upon the most recent bid, are public.

Key Learning Objectives:

• The Winner's Curse: Shows why bidders are susceptible to the winner’s curse.
• Learning Optimal Bidding Strategies: Illustrate how to mitigate overestimation of a valuation.
• Main Courses: microeconomics; game theory; strategy; managerial economics

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