Many internet auction sites implement ascending-bid, second-price auctions. Empirically, lastminute or “late” bidding is frequently observed in “hard-close” but not in “soft-close” versions of these auctions. In this paper, we introduce an independent private-value repeated internet...

This paper considers the relationship between agent-based modeling and economic decision-making experiments with human subjects. Both approaches exploit controlled ``laboratory'' conditions as a means of isolating the sources of aggregate phenomena. Research findings from laboratory studies of...

This paper presents a procedure for clustering analysis that combines Kohone’s Self organizing Feature Map (SOFM) and statistical schemes. The idea is to cluster the data in two stages: run SOFM and then minimize the segmentation dispersion. The advantages of proposed procedure will be...

We examine whether a simple agent--based model can generate asset price bubbles and crashes of the type observed in a series of laboratory asset market experiments beginning with the work of Smith, Suchanek and Williams (1988). We follow the methodology of Gode and Sunder (1993, 1997) and...