Bidding in Open-Outcry Situations - Deepstash
Bidding in Open-Outcry Situations

Bidding in Open-Outcry Situations

  • Continue bidding up to your full reservation value.
  • Whenever common value plays a role, bidders should rationally “update” their reservation value during the course of the bidding. E.g. the layman bidder taking cues from an expert with insider knowledge.

Three factors fuel “competitive arousal:” intense rivalry among bidders, time pressure, and the presence of an audience.

Avoid this by:

  • Writing down your reservation value
  • Ask yourself, “What do I know now that I didn’t know at the beginning of the auction?” If you don’t know anything new, then you should drop out of the auction.

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coab

Education officer at museum

All about negotiauctiong: The crossover between negotiation and auctioning.

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