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In an auction with a buy price, the seller provides bidders with an option to end the auction early by accepting a transaction at a posted price. This paper develops a model of an auction with a buy price in which bidders use the auction's reserve price and buy price to formulate a reference...
Persistent link: https://www.econbiz.de/10008483514
We apply an indirect evolutionary approach to players’ perceived prize valuations in contests. Evolution in finite populations leads to preferences that overstate the prize’s material value and induce overexpenditure. We establish an equivalence between evolutionarily stable strategies and...
Persistent link: https://www.econbiz.de/10010594163
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