True, the outside managers don't have access to information of the same calibre as the current managers do.
- Inside or current managers will have complete knowledge of the company's capabilities and conditions, enabling them to function and perform more successfully than outside managers.
What exactly does the winner's curse mean?
- The winner's curse refers to a problem that frequently arises in negotiations without a thorough understanding of this phenomenon.
- The winning party in an auction of a good with an uncertain value and a reasonable number of bidders usually pays more than the good is actually worth.
- While Frank's won the auction, it ended up overpaying by $3 million.
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