Do you know how to sell a twenty-dollar bill, not at face value, but for two hundred? Not everyone knows, but Professor Max Baserman knows the secret. He has already got his hands on the annual auction at Harvard Business School, which he himself organizes. This is a kind of practical guide for the study of the psychology of the modern market.
The terms of the auction are as follows… a twenty-Dollar bill is put up for auction. Participants can offer any amount for it, but there is one significant nuance. It is that Bazerman requires the second person after the winner of the auction, who bought $ 20, to give the amount of his offer. What for? That’s the point. Continue reading