Rasmusen, Eric - In: Advances in Theoretical Economics 6 (2006) 1, pp. 1261-1261
A rational bidder in a private-value auction should be reluctant to incur the cost of perfectly estimating his value if it might not matter to the success of his bidding strategy. This can explain sniping---flurries of bids at the end of auctions---as the result of other bidders trying to avoid...