overbidding in contests. We find that overbidding is significantly higher when subjects are given a large per-experiment endowment …

significantly higher than predicted in the models based on rational behavior and that over-dissipation of rents (or overbidding or …

-seeking contests. Most previous studies use a lottery prize rule and linear cost, and find both overbidding relative to the Nash …

initial resource endowments mitigates the amount of overbidding and thus increases overall efficiency. Overbidding is also …

-seeking contests. Most previous studies use a lottery prize rule and linear cost, and ?nd both overbidding relative to the Nash …

contest experiments- (i) overbidding relative to the standard Nash equilibrium prediction and (ii) heterogeneous behavior of … ex-ante symmetric contestants. Based on the sample of contest experiments that we review, the median overbidding rate is … 72%. We provide different explanations for the overbidding phenomenon, including bounded rationality, utility of winning …

"level-k" thinking, which describes behavior in many experiments with complete-information games. We derive the model … Rabin's (2005) "cursed equilibrium," and evaluate the model's potential to explain behavior in auction experiments. The …€™s curse in common-value auctions and overbidding in those independent-private-value auctions without the uniform value …

-seeking contests. Most previous studies use a lottery prize rule and linear cost, and find both overbidding relative to the Nash …

participants are significantly higher than predicted and that over-dissipation of rents (or overbidding or over-expenditure of …