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The way I think about it, revealing your max bid is bad for two reasons 1. If someone doesn’t care about winning but wants you to buy high (because they are the seller, or working with the seller, or just for fun) they can easily walk your price up.https://twitter.com/choffstein/status/1462109020978913282 …
2. If they do want to win it gives them information — value to them is the intrinsic value of the object, plus value from the possibility of flipping to a greater fool, plus lolz value from denying you the win. Revealing your budget gives info on the latter two.
Important question is, if the DAO didn’t show their hand, would the outcome have been the same? Possible that Ken would have kept bidding till $50m. But equally plausible to me that he would have set a lower limit or simply decided not to participate in the auction at all.
Walking your bid up with zero intention to buy is risky if you’re not obligated to your telegraphed max. But I agree on the latter points. It’s utility theory.
Agree, but in this specific case do you think the DAO would have stopped bidding before hitting their max budget?
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