Experienced construction industry executives are better at bidding in auctions than novices because they have industry-specific knowledge and strategies. They can avoid making low bids that lead to losses, known as the winner's curse, by using mechanisms unique to the construction industry. These executives have learned how to evaluate bids effectively and consider private value elements when making decisions. The success of experienced contractors in real-world bidding situations can be explained by these industry-specific characteristics and modern auction theory. Lessons can be learned about using experimental methods in economics from this research.