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We propose a novel approach to the modelling of second-price Maximum-Value auctions that assumes no belief about others' behavior and no expected profit maximization. This individual decision-making model, naïve Impulse Balance Equilibrium or nIBE, deals with bidders' anticipated regrets from...
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choice theory as the reference point for judging the quality of real-world decisions. It argues that choice is an activity …
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choice theory as the reference point for judging the quality of real-world decisions. It argues that choice is an activity …
Persistent link: https://www.econbiz.de/10010407517