The Willingness of Individuals to Set Aside Their Personal Opinions

question 13

Short Answer

The willingness of individuals to set aside their personal opinions and go along with everyone else, even if everyone else is wrong, is termed ________.

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Definitions:

Auctions

Auction systems in which products or services are offered to the person who presents the highest offer.

Winner's Curse

A phenomenon in auctions where the winning bidder overpays due to overestimation of the item's value.

Optimistic Estimate

An estimate that assumes the most favorable conditions and outcomes for a project or investment.

Bid Shading

A strategy in which buyers deliberately bid lower than their actual valuation of the item to save costs, common in auction contexts.