This study investigates experimentally the disclosure of verifiable information in settings with and without seller competition. Sellers often choose to report a selected set of information and buyers account for this – even though not fully – by bidding skeptically. As expected, competition...

In explaining the winner’s curse, recent approaches have focused on one of two cognitive processes: conditional reasoning and belief formation. We provide the first joint experimental analysis of the role of these two obstacles. First, we observe that overbidding decreases significantly...

Classroom experiments as a teaching tool increase understanding and especially motivation. Traditionally, experiments have been run using pen-and-paper or in a computer lab. Pen-and-paper is time and resource consuming. Experiments in the lab require appropriate installations and impede the...