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Level 15
· ◆◆◆◆ · ~13 min
Common Values & the Winner's Curse
Common Values & the Winner's Curse
"When the asset is worth the same to everyone and nobody knows what, winning is evidence you were wrong — and the correction is bigger the more rivals you beat."
common values vs private valuesthe winner's curseconditioning on winningE[value | I win] not E[value]the curse grows with the number of bidders
A short lesson, then a quiz. ❤️×3 — a wrong answer costs a heart; finish with at least one left and the level is yours. Lose all three and you'll have to try again. Replay any time — XP and cleared levels are never lost.