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There is significant overbidding in the contest and significant over-contribution in the VCM relative to theoretical predictions.
The "discovery" of the winner's curse was a legitimate inference that low returns on investments in offshore petroleum leases reflected a pattern of overbidding for these capital goods.
For example, Capen, Clapp, and Campbell (1971) found overbidding and low returns on federal auctions of offshore oil leases, but Hendricks and Porter (1988) concluded that the pattern of bids on such leases was consistent with rational behavior in the presence of asymmetric information.
The latter result suggests that overbidding reflects individual biases rather than search cost or other standard explanations for suboptimal purchase decisions.
Nearly all bankruptcy sales are subject to overbidding.
The ECB said the switch to variable rate tenders was not intended as a further change in its monetary policy, only a 'response to the severe overbidding which has developed in the context of the current fixed rate procedure'.
Now Andersen Consulting estimate customers will be charged an extra pounds 14 a month to pay for the overbidding.
Yet, if unsecured creditors or an official creditors' committee diligently watches over the process, the overbidding process can sometimes produce the most value possible for return to a troubled business' creditors.
The likelihood of overbidding is increased by the white knight's position in the sequential bidding process: by definition, white knights are participants in competitive acquisitions involving more than one bidder, and the white knight enters the contest subsequent to the first bidder's attempt.
Currently billions are invested worldwide in the EV and all major automobile manufacturers are overbidding each other with news about large-scale productions.
It got into financial difficulties after overbidding for the renewal of the franchise which was then awarded to National Express.
Virgin Trains East Coast has admitted overbidding for the franchise, with passenger numbers failing to rise in line with expectations.