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Loss aversion (a bidders tendency to go to great lengths to avoid perceived losses) applied to an auction... clever. (read: Sway: The Irresistible Pull of Irrational Behavior
By Ori & Rom Brafman) specifically the chap. About the B-School professor who, staged a bidding war over a twenty-dollar bill... bidding got so aggressive, that a student, unwilling to cut their losses, eventually paid 208 dollars for it (guess the real owner was the kid who paid $207). And yes... the professor did collect, and donated the money to charity.
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