The Bidder's Curse: Comment
质疑Malmendier和Lee（2011）关于eBay拍卖中出价超过“立即购买”价格的现象只能用非标准偏好或有限注意力来解释的结论，通过数据和搜索成本分析表明该现象与标准行为一致。
The prices of auctions on eBay often exceed eBay's fixed-price “Buy-It-Now” prices. I investigate the causes of this overbidding, focusing on the interpretation in Malmendier and Lee (2011) that the observed overbidding cannot be explained “without allowing for nonstandard preferences or beliefs” and that the “strongest direct evidence points to limited attention.” Using data from their study and new data from eBay, I provide evidence that a key condition for identifying nonstandard behavior may not have been met, and that the observed overbidding is not inconsistent with standard behavior once we allow for the likely presence of search costs.