Here's a perfect example of The Winner's Curse at work. From Bill Simmons, writing about the Boston Red Sox bid for Japanese pitching phenom Daisuke Matsuzaka:
My favorite part about their $51.1 million bid was that they originally wanted to bid $50 million, then they decided on $50.1 just in case someone else bid $50, then they decided that someone else might go through the same logic, so they upped it to $51.1 million ... and then, nobody else bid more than $42 million. I thought that was hysterical. Listening to them recount the process was like hearing a hung-over buddy describing a 3 a.m. eBay bid from the night before.
More like this
Over at The Big Money, Mark Gimein has a fascinating article on Swoopo.com.
We've had Jesus, Mary, and a variety of others make their holy presence known on blessed pieces of toast. Now it looks as though we have a new sacred image:
Once again, Kate is running an auction to benefit the Con or Bust project providing financial support for fans of color(*) to attend science fiction/ fantasy conventions.
Possibly, according to this piece in the New York Times.