Auctions are often plagued by something called the winner’s curse. The person who ‘wins’ the painting or Floridian land parcel usually pays too much for it. Unless the winner knows something that the other bidders don’t, he's probably overvalued the object: otherwise, why wouldn’t someone else in the room be willing to pay as much? But the online charity auctions run by raffle.it are in a format I hadn't encountered before – they seemed, possibly, curse free. Each of their auctions is like a regular raffle, except you get to choose your own number (only positive integers are allowed). The winner is whoever has the lowest unique number: if Anne has 2, Betty has 3, Cindy has 2 and Diana has 7, then Betty wins. Once you've chosen your number, you're told whether or not someone else has already gone for it.
