Chen, Yan; Katuscak, Peter; Ozdenoren, Emre - Center for Economic Research and Graduate Education and … - 2005
This study presents a laboratory experiment of the first and second price sealed bid auctions with independent private … values, where the distribution of bidder valuations is unknown. In our experimental setting, in first price auctions, bids … auctions. It also significantly reduces bidder earnings and efficiency. Without knowledge of the distribution of bidder …