A Review of Auction Fever in Auction Theory
DOI:
https://doi.org/10.54097/ehss.v2i.776Keywords:
Auction Fever, pseudo-endowment, opponent effect.Abstract
This paper summarizes the phenomenon of auction heat in auction theory, and mainly analyzes two different effects of auction heat: adversary effect and pseudo-endowment effect. In the pseudo-endowment effect, we have to understand that giving up something is much more painful than not getting the same thing. Thus, when an item is part of a person's endowment when the bidder forgoes the opportunity, it is considered a loss, and forgoing the opportunity to obtain the same item is considered a foregone gain. In the adversary effect, it creates a sense of competition and a desire to win. In addition, this paper also introduces the process of auction fever and discusses the positive or negative effects of auction fever on people in real life.
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