Winner's Curse: Why Winning Auctions Can Cost You

What has been corrected on this page?

Every accepted correction to this page is recorded with the exact change, so readers can see how the page improved over time.

1. 12 July 2026 · corrected by Emir Baycan

   3 corrections applied: Lead author is Edward C. Capen, not Richard Capen (article later correctly names Edward Capen) | Bazerman & Samuelson (1983) jar-of-coins study appeared in the Journal of Conflict Resolution | Andrade, Mitchell & Stafford (2001) was published in the Journal of Economic Perspectives, not Journal of Finance

   Before

   The winner's curse was first formally identified and named by three petroleum engineers -- Richard Capen, Robert Clapp, and William Campbell -- in a 1971 paper... A study by Max Bazerman and William Samuelson (1983) in the Journal of Economic Behavior and Organization ran controlled experiments... A meta-analysis by Gregor Andrade, Mark Mitchell, and Erik Stafford (2001) in the Journal of Finance examined 1,000+ acquisitions. FAQ: 'The winner's curse was first identified and named by petroleum engineers Richard Capen, Robert Clapp, and William Campbell in a 1971 paper about oil lease bidding.'

   After

   The winner's curse was first formally identified and named by three petroleum engineers -- Edward Capen, Robert Clapp, and William Campbell -- in a 1971 paper... A study by Max Bazerman and William Samuelson (1983) in the Journal of Conflict Resolution ran controlled experiments... A meta-analysis by Gregor Andrade, Mark Mitchell, and Erik Stafford (2001) in the Journal of Economic Perspectives examined 1,000+ acquisitions. FAQ: 'The winner's curse was first identified and named by petroleum engineers Edward Capen, Robert Clapp, and William Campbell in a 1971 paper about oil lease bidding.'

   Why: All 3 corrections were already correctly applied in the visible article body (Edward Capen, Journal of Conflict Resolution, Journal of Economic Perspectives all verified present). However, the FAQ field (invisible JSON-LD schema block) still had the stale unverified name 'Richard Capen' in its second Q&A answer -- the same fabrication the body text had already fixed.

   Corrected 'Richard Capen' to 'Edward Capen' in the FAQ answer, re-encoded, and re-saved the post.

   View the full record →

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