Researchers Discover Why People Overbid on Ebay: Fear
September 29, 2008 · Filed Under Other auctions news, eBay News
Ever wondered what causes the spate of wild bidding in the last few minutes of an Ebay auction? Scientists say they now have answer: The irrational behavior is caused by people’s fear of losing, not their desire to win. While economists have recognized the concept of “loss aversion” for some time, a new set of experiments used brain scans and lab experiments to show how strongly the phenomenon plays out in auctions, and how it’s tied to overbidding.
This article from Discover 26 September 2008
Read more of this article at Discover site.
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