This seems to happen. Penny auctions like Swoopo have been called “as close to pure, distilled evil in a business plan as I’ve ever seen”, but where the data allows, people seem to gradually realize how they’re being pumped and attrit away (see http://www.gwern.net/Sunk%20cost#fn35 )
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This seems to happen. Penny auctions like Swoopo have been called “as close to pure, distilled evil in a business plan as I’ve ever seen”, but where the data allows, people seem to gradually realize how they’re being pumped and attrit away (see http://www.gwern.net/Sunk%20cost#fn35 )