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to the opportunity cost of acquiring information about the posted price. We test our model in a laboratory experiment in …
Persistent link: https://www.econbiz.de/10011599360
-strategy equilibrium solutions to the two auctions, and then test them in a sequence of experiments that vary the number of bidders and …
Persistent link: https://www.econbiz.de/10014225497
This paper experimentally examines a procedurally fair provision mechanism allowing members of a small community to determine, via their bids, which of four alternative public projects to implement. Previous experiments with positive cost projects have demonstrated that the mechanism is...
Persistent link: https://www.econbiz.de/10009784119
Similar to Levati and Neugebauer (2001), a clock is used by which participants can vary their individual contributions for voluntarily providing a public good. As time goes by, participants either in(de)crease their contribution gradually or keep it constant. Groups of two poorly and two richly...
Persistent link: https://www.econbiz.de/10009620765
Based on an axiomatically derived provision rule allowing community members to endogenously determine which, if any, public project should be provided, we perform experiments where (i) not all parties benefit from provision, and (ii) the projects' "costs" can be negative. In the tradition of...
Persistent link: https://www.econbiz.de/10009567095
Previous research indicates that risky and uncertain marginal returns from the public good significantly lower contributions. This paper presents experimental results illustrating that the effects of risk and uncertainty depend on the employed parameterization. Specifically, if the value of the...
Persistent link: https://www.econbiz.de/10003887174
Overbidding in second-price auctions (SPAs) has been shown to be persistent and associated with cognitive ability. We study experimentally to what extent cross-game learning can reduce overbidding in SPAs, taking into account cognitive skills. Employing an order-balanced design, we use...
Persistent link: https://www.econbiz.de/10012668312
This paper reports a new and significant experimental demonstration that market participants adjust their bids towards the price observed in previous market periods when - by design - individuals' values should not be affiliated with the market price. This demonstration implies that market...
Persistent link: https://www.econbiz.de/10003769896
In an experimental study, we compare individual willingness to cooperate in a public good game after an initial team contest phase. While players in the treatment setup make a conscious decision on how much to invest in the contest, this decision is exogenously imposed on players in the control...
Persistent link: https://www.econbiz.de/10011891197
of winning, and relative payoff maximization. Using an eight-part experiment, we test and find significant support for …
Persistent link: https://www.econbiz.de/10014132470