Getting it right or getting it cursed: Auction prices in a residential real estate bubble
研究了爱尔兰住宅房地产泡沫中拍卖市场的赢家诅咒现象，发现投资者和自住者均未为规避赢家诅咒而压低出价，反而随竞争加价，投资者支付更高价格并可能加剧泡沫。
Abstract This is the first study to test for a winner's curse in a bubble market. Our hand‐collected sample comprises the sequence of bids and the experience of the winning bidder at Irish residential real estate auctions, prior to the collapse of the bubble. Portfolios of practitioner‐ and hedonic pricing model‐selected self‐similar properties provide benchmark property price estimates. We show neither real estate investors nor owner occupiers shade auction bids to avoid the winner's curse and both raise bids in line with competition. Winning investor bidders pay more for properties, ride the wave of a property bubble, and potentially exacerbate it.