Recall the looser pay winner auction experiement

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Recall the looser pay winner auction experiement done in class. (a) Discuss how these experiments why bidders change their minds toward wanting to bid well above the value of the prize, even though they refused to do so at the beginning. (b) Discuss how the experiment explains why George Bush and many citisens changed their minds about a "preemptive" attack on Iraq. (c) Explain why England wanted to tax trade in the American colonies; which led to rebellion and the formation of the United States.

Reference no: EM131159445

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