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| Author: | Bereby-Meyer, Y. Grosskopf, B. |
| Title: | Overcoming the winner's curse: an adaptive learning perspective |
| Journal: | Journal of Behavioral Decision Making
2008 : JAN, VOL. 21:1, p. 15-27 |
| Index terms: | decision making learning auctions asymmetric information preferences |
| Freeterms: | winner's curse adaptive learning feedback |
| Language: | eng |
| Abstract: | The idea of this paper is to discuss the relation between the biases and rational thinking in decision making situations. This article uses an auction case example to gain a better understanding about this so called winner's curse problem. The authors identify two factors that sustain winner's curse; confusing feedback from the environment and individual's ability to learn adaptively. The results highlight that in situations where the variance in the feedback is minimized the performance in decision making can be improved. |
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