Value and bid
Price things fairly, and avoid overpaying when you win.
Why it matters
When a prize is worth about the same to every bidder and nobody knows exactly how much, winning often means you valued it more than anyone else, which can mean you overvalued it. Knowing what it is worth, and allowing for that, before the bidding starts keeps the win a win.
The question to ask
What is this worth to me, decided before I start bidding?
At work
Set your walk-away price for a hire, a contract or an acquisition before the negotiation, and keep to it.
In study
Before taking on an extra activity, work out what it is worth to you in hours, and what it will push out.
Lessons
Practise it in a game, about five minutes against bots: the Sealed-bid auction lab or the Split the pie lab.
Use it in a work case, a short story of linked decisions: The quiz night, Hiring a designer.
Practise and review
Questions from every lesson above, in mixed order. You do not need to finish a lesson first.
- Your level
- Not started
- In the games
- Not started
- Due for review
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