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, deals with bidders' anticipated regrets from winning and from losing the auction. It exploits the stochastic properties of … the auction format and rationalizes: (i) Nash equilibrium bidding, (ii) (non-)monotone overbidding and (iii) fully cursed …
Persistent link: https://www.econbiz.de/10012896753
Persistent link: https://www.econbiz.de/10010191431
This paper presents an experiment on a coordination game with extrinsic random signals, in which we systematically vary the stochastic process generating these signals and measure how signals affect behavior. We find that sunspot equilibria emerge naturally if there are salient public signals....
Persistent link: https://www.econbiz.de/10011596121
In auctions bidders are usually assumed to have rational expectations with regards to their winning probability …. However, experimental and empirical evidence suggests that agent's expectations depend on direct utility stemming from … expectations, resulting in optimism or pessimism. Optimism increases ex ante savoring, while pessimism leads to less disappointment …
Persistent link: https://www.econbiz.de/10014240557
with the help of two experimental manipulations. First, we compare results from a very simple common-value auction game … assistance in belief formation changes subjects' play significantly in the auction game. Overall, the results suggest that the …
Persistent link: https://www.econbiz.de/10011491773
pay. We analyze bidding behavior in a first-price auction in which the knowledge of the bidders about the distribution of … the first-price auction exists. …
Persistent link: https://www.econbiz.de/10011946017
In auctions bidders are usually assumed to have rational expectations with regards to their winning probability …. However, experimental and empirical evidence suggests that agent's expectations depend on direct utility stemming from … expectations, resulting in optimism or pessimism. Optimism increases ex ante savoring, while pessimism leads to less disappointment …
Persistent link: https://www.econbiz.de/10013463574
A distinguishing feature of the ECB's monetary policy setup is the preannouncement of a minimum bid rate in its weekly repo auctions. However, whenever interest rates are expected to decline, the minimum bid rate is viewed as too high and banks refrain from bidding, severely impeding the ECB's...
Persistent link: https://www.econbiz.de/10001784609
The Combinatorial Clock Auction is a two-stage auction format, which has been used to sell spectrum licenses worldwide …, then the auction is fully efficient. Unfortunately, bidders might neither bid straightforward in the clock phase nor … field in the British 4G auction in 2013 and the Canadian 700 MHz auction in 2014, where the bids were made public. The data …
Persistent link: https://www.econbiz.de/10013031627
A distinguishing feature of the ECB's monetary policy setup is the preannouncement of a minimum bid rate in its weekly repo auctions. However, whenever interest rates are expected to decline, the minimum bid rate is viewed as too high and banks refrain from bidding, severely impeding the ECB's...
Persistent link: https://www.econbiz.de/10011432155