The office is running a sweepstakes for the World Cup. For £1, you can pick the name of a team out of a jar. The intention is everyone gets a fair chance of getting a good team.
But, if I know what teams have come out of the jar, I can wait until my chance of getting a good team is higher, or abstain altogether if the good teams are already gone.
Has this been studied? I suppose there's some auction theory involved.
I'll tag @darrenjw in this. Maybe we can form a syndicate.