3 pages max, with harvard style referencing please.

(A) What is the “winner’s curse” in an auction? In the context of a simple ascending-price auction, how might bidders adjust their strategies to account for this?

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(B) Find and document carefully two real-world situations in which (i) a winner appears to have fallen for the winner’s curse; and (ii) bidders seem to have acted cautiously out of a desire to avoid the curse.

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