Anomalies

Thaler, R. H. (1988). Anomalies: The winner's curse. Journal of Economic Perspectives, 2(1), 191-202.

Type

Journal article

Intellectual base

Primary research

Year

1988

Link

no authoritative link yet

Cited from

information_theory

Cited by

1 citation across 1 artifact.

Each citation links to the sentence it supports in the citing article.

Primes

• Winner's Curse
  • A bidder who overpays because they fell in love with a house is not suffering the winner's curse; a bidder who overpays because they failed to condition on the informational content of beating nine rivals is.

    This sourceSurvey establishing the winner's curse as a structural source of overpayment — the correlation between winning and overestimating — distinct from impatience or miscalculation, and making explicit that conditioning on the event "I won" changes the expected value of the prize.

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