Experienced construction industry executives suffer from a winner's curse in laboratory common value auction markets (Dyer et al. [Dyer, D., J. H. Kagel, D. Levin. 1989. A comparison of naive and experienced bidders in common value offer auctions: Laboratory analysis. Econom. J. 99 108--115.])....

Experienced construction industry executives suffer from a winner's curse in laboratory common- value auction markets. (Dyer et al. 1989). This paper identifies essential differences between field environments and the economic theory underlying the laboratory markets that account for the...