Open Outcry Auctions
topic on 1 show · 1 statements across 1 episodes
1 statements about Open Outcry Auctions, every show
Parrish: Open outcry auctions exploit social proof and deprival bias to drive overbidding
“Open outcry auctions are designed to trigger this too. You bid, and then someone outbids you. You almost had it. Just one more bid. The cycle keeps going. Social proof convinces you the last price was reasonable, and deprival super reaction makes you desperate…”