“[In this auction we may expect the article to be sold to] "the most eager buyer at a price which is just about the highest he is willing to pay, for in this case the most eager buyer does not know what prices the other buyers are willing to give [and] … each buyer fear that someone may slip in ahead of him.”

—  Kenneth E. Boulding

Source: 1940s, Economic Analysis, 1941, p. 42 as cited in: Vernon L. Smith (1991) Papers in Experimental Economics. p. 516

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Kenneth E. Boulding 163
British-American economist 1910–1993

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