4 ms·
Technically if more than 1 party bids high, the market rate is that high and the majority of parties have just underbid the market rate. But yeah agreed, 1 hou
by soared 1y ago
Technically if more than 1 party bids high, the market rate is that high and the majority of parties have just underbid the market rate.
But yeah agreed, 1 hour for me is not equal to 1 hour for someone else. Just a fun thing to think about.
- RainyDayTmrw 1y agoInterestingly, the winner's curse doesn't talk about market rate. It supposes that the thing in question has some sort of objective, anchored value, which, importantly, the bidders don't know or are misinformed about ahead of time.