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Money counter is counting paper money 2021 08 29 08 10 14 utcWhen many investors bid on a target start-up of uncertain value, a common result is that the winner pays more than the target is worth. Winning can thus become more of a curse than a blessing. In this article, the authors explain the dynamics of the ‘winner’s curse” and suggest that investors should consider adopting what’s known as a contingent contract, which, in effect, allows founders to bet on what they say they believe about their company.