 In such cases, the winner will tend to be the bidder with the highest estimate, but the results of the auction will show that the remaining bidders' estimates of the item's value are less than that of the winner, giving the winner the impression that they "bid too much".In an equilibrium of such a game, the winner's curse does not occur because the bidders account for the bias in their bidding strategies.Behaviorally and empirically, however, winner's curse is a common phenomenon, described in detail by Richard Thaler.