Would you pay $15 for a $10 gift certificate?


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In a set of eBay auctions of Amazon.com gift certificates, 41.1% of winning prices exceed face value, which is an observable upper bound for rational bidding because Amazon.com sells certificates at face value. Alternative interpretations to bidding fever are explored.

Source: “Bidding fever in eBay auctions of Amazon.com gift certificates” from Economics Letters

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