3 ms·
That's only true if items with a defined but unknown at the time of bidding. A piece of art doesn't suffer from the winners curse if you are buying it to enjoy.
by HWR_14 3y ago
That's only true if items with a defined but unknown at the time of bidding. A piece of art doesn't suffer from the winners curse if you are buying it to enjoy.
- pessimizer 3y agoYes it does. There could be another piece of art that you would "enjoy" equally, but pay less for. If no other piece of art will do, then you yourself are equivalent to the pocket buyer. edit: if you're using "enjoy" to mean "have a private value rather than a shared one," a pocket buyer is a private value. If, instead, your level of enjoyment of the item is around the same level as the rest of the bidders, then there's no reason why the Winner's Curse wouldn't apply.