The winner's curse

胜者之咒

The Indicator from Planet Money

2025-11-17

8 分钟
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单集简介 ...

Ever put in the winning bid for something on an auction site only to realize you significantly overpaid? Yeah, there’s a phrase for that. On today’s show: the winner’s curse. Richard Thaler’s new book with Alex O. Imas is The Winner’s Curse: Behavioral Economics Anomalies, Then and Now.Read Planet Money’s newsletter on the winner’s curse. For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Fact-checking by Sierra Juarez. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.   Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy
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  • NPR.

  • This is The Indicator from Planet Money.

  • I'm Darian Woods, here with Greg Grzelski, all the way from Planet Money.

  • That's right.

  • Meet a long trip all the way from a different planet.

  • Greg, I held a bit of a behavioral economics experiment the other day.

  • I'm recording.

  • Testing, I can't hear myself.

  • I got the whole indicator team together.

  • Should we go find a writing and I auctioned off a jar of coins.

  • Can you see that?

  • They look like quarters.

  • If you're an econ nerd, you might have heard of this game.

  • It's like a kind of a famous behavioral economics game.

  • So basically, like you don't tell people how much money is in the jar.

  • Then people have to place bids and the highest bidder.

  • wins the jar of coins.

  • Yeah, that's right.

  • And those bids were binding.

  • The colleague who bid the highest would need to actually pay me.