Bob is less likely to win the jobs where he underestimates the costs, causing him to experience the winner's curse

Bob Green estimates the cost of future projects for a large contracting firm. Bob uses precisely the same techniques to estimate the costs of every potential job and formulates bids by adding a standard profit markup.
For some companies, to which the firm offers its services, there are no competitors also seeking their business, so Bob's company is almost certain to get these companies as clients. For these jobs, Bob finds that his cost estimates are right, on average. For jobs where competitors are also vying for the business, Bob finds that they almost always end up costing more than he estimates.
True or False: Bob is less likely to win the jobs where he underestimates the costs, causing him to experience the winner's curse.
 True
 False

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