Focus on common-value auctions, where the item for sale has the same value to everyone who’s bidding on it. The problem is, no one knows what that value is. In these cases, it’s easy to overbid and fall victim to the winner’s curse—paying more for an asset than it’s worth. Get tips on how to avoid this pitfall. Also, look at all-pay auctions, where everyone—not just the winner—pays what they bid.