Decumulation of wealth in retirement is a difficult task, requiring tradeoffs between longevity risks and immediate consumption needs. Economists have long argued that life annuities can be a valuable part of decumulation and that most retirees should annuitize, and yet actual market demand is...

Consumer bidding is common in a wide variety of markets. An important source of friction in many markets with bidding is the cost of participation. We investigate the impact of participation costs on bidder entry and bidding behavior using incentive-compatible laboratory experiments with...

Name-your-own-price selling is a tractable laboratory paradigm for studying bidding behavior because it involves only one bidder per transaction. Using data from an incentive-compatible laboratory experiment that implemented a name-your-own-price seller who charges entry fees, we estimate a...

Driven by the low transaction costs and interactive nature of the internet, customer participation in the price-setting process has increased. Today, platforms such as eBay have popularized online auctions on a global scale, Priceline has made headlines with its name-your-own-price (NYOP)...

Pay What You Want (PWYW) can be an attractive marketing strategy to price discriminate between fair-minded and selfish customers, to fully penetrate a market without giving away the product for free, and to undercut competitors that use posted prices. We report on laboratory experiments that...

This paper analyzes optimal selling strategies of a monopolist facing forward-looking patient unit-demand bidders in a sequential auction-market. Such a seller faces a fundamental choice between two selling regimes: adaptive selling which involves learning about remaining demand from early...

We examine the effect of a U.S. Supreme Court decision regarding abortion laws on Americans’ preferences for political candidates. The decision was leaked in advance of the official announcement, and we track the evolution of political preferences from before the leak to after the leak, and...

With increasing numbers of consumers in auction marketplaces, we highlight some recent approaches that bring additional economic, social, and psychological factors to bear on existing economic theory to better understand and explain consumer behavior in auctions. We also highlight specific...

Multivariate economic and business data frequently suffer from a missing data phenomenon that has not been sufficiently explored in the literature:b oth the independent and dependent variables for one or more dimensions are missing or absent for some of the observational units. For example, in...

This paper analyzes sequential auctioning single units of an indivisible good to a fluctuating population composed of overlapping generations of unit-demand bidders. Two phenomena emergent in such a market are investigated: forward-looking bidding strategies, and closed-loop selling strategies...