Youtor
Game Theory 101 72 The Winners Curse Part 1
>> YOUR LINK HERE: ___ http://youtube.com/watch?v=DkdiZr008HY
http://gametheory101.com/courses/game... • Imagine you are about to bid in an auction to buy an oil field. You send a prospector out to estimate its value, and he informs that the area is flush with oil that can be extracted for a low price. Should you bid aggressively on it? • The winner's curse indicates that doing so is likely to backfire. This lecture explains the problem. Next time, we will cover the solution.
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