Quiz: Relative Values
Question 1 of 8Your score: 0
Professors [1] set up a test to see if people overvalue what they have built themselves. One group of students was asked to make origami figures following carefully laid-out instructions. The figures were auctioned off afterwards following the Becker-DeGroot-Marschak procedure, which works like this: You get one bid, and if this bid is higher than a randomly selected number, you get the item. Students who did not build anything, bid on average, 5 cents.
On average, how much did the students who had created origami figures bid on their own creation?