Kirchkamp, Oliver; Mill, Wladislaw - 2019
In this paper we use an experiment to compare a theory of risk aversion and a theory of spite as an explanation for … spite can be used to rationalize deviations from risk neutral equilibrium bids in auctions. We exploit that equilibrium …. Indeed, we find that spite is a more convincing explanation for bidding behavior for the second-price all-pay auction. Not …