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Do entrepreneurs think differently than other people?
Winner's Curse
A situation in which the winner of an auction ultimately overpays or incurs a loss because of overly optimistic valuation of the asset bid on.
Optimistic Estimate
A projection or forecast that assumes the most favorable conditions and outcomes for a given situation.
Bid Shading
A strategy where a bidder offers a lower price than what they are actually willing to pay, often used in auctions to acquire items at a lower price.
Winner's Curse
A phenomenon that occurs in common value auctions, where the winner tends to overpay due to incomplete information, leading to regret.
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