The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
I Won the Auction But Don't Want the Prize
Abstract
The “winner's curse” occurs in competitive situations when a successful buyer finds that he or she has paid too much for a commodity of uncertain value. This study provides an experimental demonstration of the winner's curse, and identifies factors that affect the existence and magnitude of this bidding abnormality. In an auction setting, two factors are shown to affect the incidence and magnitude of the winner's curse: (1) the degree of uncertainty concerning the value of the item up for bid and (2) the number of competing bidders. Increasing either factor will increase the range of value estimates and bids, making it more likely that the winning bidder will overestimate the true value of the commodity and thus overbid.
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Citations
Cites
A Theory of Cognitive Dissonance
Festinger, L. (1957) · doi:10.1515/9781503620766 · Cited by 24,241
Cited by
Timid choices and bold forecasts: a cognitive perspective on risk taking.
Kahneman, D., & Lovallo, D. (1993) · Management Science · doi:10.1287/mnsc.39.1.17 · Cited by 2,043
Lohmueller, K. E., Pearce, C. L., Pike, M., Lander, E. S., & Hirschhorn, J. N. (2003) · Nature Genetics · doi:10.1038/ng1071 · Cited by 1,900
Quantifying and correcting for the winner's curse in genetic association studies
Xiao, R., & Boehnke, M. (2009) · Genetic Epidemiology · doi:10.1002/gepi.20398 · Cited by 192
Imitation and luck: An experimental study on social sampling
Offerman, T., & Schotter, A. (2009) · Games and Economic Behavior · doi:10.1016/j.geb.2008.03.004 · Cited by 52
Metadata
- Authors
- Bazerman, M. H., & Samuelson, W. F.
- Venue
- Journal of Conflict Resolution
- Publisher
- SAGE Publications
- Published
- 1983-12
- Volume
- 27
- Issue
- 4
- Pages
- 618-634
- ISSN
- 0022-0027 (ISSN-L)
- 1552-8766
- OpenAlex
- W2112980279
- Cited by
- 311
- References
- 1
- FWCI
- 2.96
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: I Won the Auction But Don't Want the Prize. https://app.cochat.ai/papers/10.1177/0022002783027004003
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- Bazerman, M. H., & Samuelson, W. F. (1983). I Won the Auction But Don't Want the Prize. Journal of Conflict Resolution. https://doi.org/10.1177/0022002783027004003
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
