In Class Game Winner’s Curse

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Presentation transcript:

In Class Game Winner’s Curse Game Theory In Class Game Winner’s Curse

Results Average Oil Field Value: Average Bid: $2,013,000 $1,664,000 (-17%)

Results Average Oil Field Value: Average Bid: Average Winning Bid: $2,013,000 Average Bid: $1,664,000 (-17%) Average Winning Bid: $2,163,000 (+ 7%)

Class Bids

Class Bids

Winner’s Curse # Winner Value Bid 1 Martin 2 Justin 3 Rosauri 4 Liuting 5 Ian 6 Noah 7 Divine 8 Andrew

Winner’s Curse # Winner Value Bid 1 Martin 2010 2 Justin 1630 3 Rosauri 2210 4 Liuting 1770 5 Ian 1830 6 Noah 2400 7 Divine 2360 8 Andrew 1890

Winner’s Curse # Winner Value Bid 1 Martin 2010 2100 (- 90) 2 Justin 2100 (- 90) 2 Justin 1630 2220 (-570) 3 Rosauri 2210 1900 ( 310) 4 Liuting 1770 2300 (-530) 5 Ian 1830 1800 ( 30) 6 Noah 2400 2350 ( 50) 7 Divine 2360 2400 (- 40) 8 Andrew 1890 2250 (-365)