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<p>[QUOTE=&quot;Roman Collector, post: 8294275, member: 75937&quot;]Exactly. Because I have studied my subspecialty area extensively, I recognize certain coins as being rare, though they may seem to be run of the mill to others. Even though I pay more than anyone else participating in the auction, I get a good deal.</p><p><br /></p><p>This difference in knowledge is the entire basis for cherry-picking. We all have our cherry-picking tales to tell and we feel clever, not foolish. We are acting rationally in light of our knowledge. </p><p><br /></p><p>The converse is also true. Two bidders with more money than knowledge may become enamored of a coin and have a bidding war over a coin readily available at half the price at full retail elsewhere. They are acting irrationally out of ignorance.[/QUOTE]</p><p><br /></p>

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