[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.
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About Kenneth Boulding

Kenneth Boulding was a 20th-century American american economist. Kenneth Ewart Boulding was an English-born American economist, educator, peace activist, and interdisciplinary philosopher. Boulding was the author of two citation classics: The Image: Knowledge in Life and Society (1956) and Conflict and Defense: A General Theory (1962). Read more on Wikipedia →

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