Which of the following can be implied by the winners curse problem?

I. If you are the highest bidder at an auction for a painting, it is likely that you overpaid for the item.

II. People with no-deductible auto insurance policies are more likely to have traffic accidents than those having deductible in their policies.

III. In 2005, the NFL auctioned off the rights to broadcast Monday Night Football. The winner was ESPN, which paid 1.1 billion dollars for the broadcasting rights over eight years. This bid was roughly double what ABC was previously paying.

a. I only

b. I and II only

c. I and III only

d. II and III only

e. I, II, and III