In English Auctions, Bidders Risk Becoming Caught Up in the Excitement

question 24

Short Answer

In English auctions, bidders risk becoming caught up in the excitement of competitive bidding and then bidding more than their private valuations.This phenomenon is called the _____.

---

Definitions:

Strictly Liable

Having legal responsibility for damages or loss, regardless of care or intent.

Hot Dog

A cooked sausage, traditionally grilled or steamed and served in a sliced bun as a sandwich.

Duty of Care

Legal obligation to act with a level of caution and attention to prevent harm to others.

Standard of Care

The degree of prudence and caution required of an individual who is under a duty of care, often used in legal contexts to assess negligence.