This book shows that the kind of winners curse at issue is pervasive acrossvarious types of auctions and is not eliminated by experience or even by usingexpert ... » 

This book shows that the kind of winners curse at issue is pervasive acrossvarious types of auctions and is not eliminated by experience or even by usingexpert bidders. One of its main contributions is the specification of naivebidding models that explain patterns of deviations from Nash theoreticalpredictions. The ex post perspectives about how to improve experimental designsand procedures for dealing with bankruptcies were particularly interesting.Charles A. Holt University of Virginia I know of no book that offers such acomprehensive treatment of theory and experiments in common value auctions. Thepapers it brings together represent very significant contributions to bothauction theory and auction behavior and are of the highest quality.DouglasDavis Virginia Commonwealth University «