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In this paper we introduce a new type of experiment that combines the advantages of lab and field experiments. The … traders' experience in a real market environment influences their behavior in the lab and whether abstract lab experiments …
Persistent link: https://www.econbiz.de/10010365897
With a laboratory experiment, we study the impact of buy-options and the corresponding buy-price on revenues and bidding behavior in (online) proxy-auctions with independent private valuations. We show that temporary buy-options may reduce revenues for two reasons: At low buy-prices, the...
Persistent link: https://www.econbiz.de/10011453215
Li (2017) supports his theoretical notion of obviousness of a dominant strategy with experimental evidence that bidding is closer to dominance in the dynamic ascending clock than the static second-price auction (private values). We replicate his experimental study and add three intermediate...
Persistent link: https://www.econbiz.de/10011993335
In spring 2000, the British government auctioned off licences for Third Generation mobile telecommunications services. In the preparation of the auction, two designs involving each a hybrid of an English and a sealed-bid auction were suggested by the government: a discriminatory and a uniform...
Persistent link: https://www.econbiz.de/10011540075
. We report a series of first-price auction experiments to measure the degree of inefficiency that occurs with financially …
Persistent link: https://www.econbiz.de/10011303292
We study the relative performance of the first‐price sealed‐bid auction and the second-price sealed‐bid auction in a laboratory experiment where bidders can signal information through their bidding behaviour to an outside observer. We consider two different information settings: the...
Persistent link: https://www.econbiz.de/10011906329
We study the relative performance of the first-price sealed-bid auction and the second-price sealed-bid auction in a laboratory experiment where bidders can signal information through their bidding behavior to an outside observer. We consider two different information settings: the auctioneer...
Persistent link: https://www.econbiz.de/10011664217
We study the relative performance of the first-price sealed-bid auction, the second-price sealed-bid auction, and the all-pay sealed-bid auction in a laboratory experiment where bidders can signal information through their bidding behaviour to an outside observer. We consider two different...
Persistent link: https://www.econbiz.de/10012500904
Recent research suggests that auction winners sometimes fall prey to a "bidder's curse", paying more for an item at auction than they would have paid at a posted price. One explanation for this phenomenon is that bidders are inattentive to posted prices. We develop a model in which bidders'...
Persistent link: https://www.econbiz.de/10011599360
We introduce a generalized theoretical approach to study imitation and subject it to rigorous experimental testing. In our theoretical analysis we find that the different predictions of previous imitation models are due to different informational assumptions, not to different behavioral rules....
Persistent link: https://www.econbiz.de/10003023525