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Within an affiliated value auction setting, we study the relationship between the number of bidders and the winner's curse in terms of its frequency of occurrence and its expected harm. From a design perspective, we find that both the number of bidders and the level of affiliation are instrumental when choosing an auction format and whether to encourage or discourage bidder participation.doi:10.1515/bejeap-2018-0025 fatcat:mdco6ke2ybguvixrcncpythnem