savannah

Pharrell Gives Slick Rick His Flowers At Joopiter Auction

Their experiments asked volunteers to play on-line auctions with distinct guidelines. Some of these auctions had guidelines that encouraged over-bidding , and some had rules that encouraged rational behaviour . With sufficient guidance from the auction guidelines, the bidders did not finish up paying substantially more than they initially believed was reasonable – but only if they believed they have been bidding against a computer programme. As quickly as the volunteers believed they were bidding against other live humans they discovered it not possible to bid rationally, what ever the auction rules. First, auctions use the principle of scarcity, whereby...