The bidder who wins at an auction may end up paying more for an asset than it is actually worth. This, stated very simply, is the so-called winner's curse. Consider the simplest possible case where the asset has the same actual value to all bidders, but bidders do not know for certain what that...

Design – the purposive application of creativity to all the activities necessary to bringideas into use either as product (service) or process innovations1 – could and shouldmake and important contribution to the performance of every firm. The designprocess is inextricably linked with...