Quote:
Originally Posted by VickreyAuction
Worse than that is when Janet says $1150!
I tried to come up with a more subtle example, but yes, you're right.
My point is that you don't need to know game theory to know that if the test is to get close without going over, putting your estimate at just under the highest bid, well, it's not a good strategy.
I mean, in a way, it's genuinely frightening to think that the people driving their car at 75 mph on the interstate next to you are really this stupid.
In another way, it's just plain funny.
But mostly frightening.