> You say that, but the fact you didn't bid $25k+ initially tells us otherwise, no? That doesn’t follow at all. You are going to bid the minimum amount you thi

> You say that, but the fact you didn't bid $25k+ initially tells us otherwise, no? That doesn’t follow at all. You are going to bid the minimum amount you think can win the auction, not your max price you are willing to pay. If you want people to bid the max amount they are willing to pay, you would want a Vickrey auction, where everyone presents a sealed bid, and winner is the top bid… but they pay the price of the second highest bid. That way you can bid your actual max price without worrying about bidding against yourself. https://en.wikipedia.org/wiki/Vickrey_auction https://en.wikipedia.org/wiki/Vickrey_auction