The Loser's Curse: Decision Making and Market Efficiency in the National Football League Draft

@article{Massey2013TheLC,
  title={The Loser's Curse: Decision Making and Market Efficiency in the National Football League Draft},
  author={Cade Massey and Richard H. Thaler},
  journal={Manag. Sci.},
  year={2013},
  volume={59},
  pages={1479-1495}
}
A question of increasing interest to researchers in a variety of fields is whether the biases found in judgment and decision-making research remain present in contexts in which experienced participants face strong economic incentives. To investigate this question, we analyze the decision making of National Football League teams during their annual player draft. This is a domain in which monetary stakes are exceedingly high and the opportunities for learning are rich. It is also a domain in… 
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