How to win at auction, scientifically

New research by economists at the University of Sydney and University of Technology Sydney shows that a packed auction room is not the way to get the highest price on lots.

The study suggests that the more bidders there are in an auction, the lower each individual bidder perceives their probability of winning, which has a demotivating effect on their desire to win the auction.

“This is a counterintuitive finding because usually auctioneers would assume that the more bidders there are in an auction, the more money they will make – the logic being that