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Overconfidence Can Improve an Agent's Relative and Absolute Performance in Contests

Ludwig, Sandra; Wichardt, Philipp C.; Wickhorst, Hanke - Volkswirtschaftliche Fakultät, … - 2010

This paper suggests a potential rationale for the recent empirical finding that overconfident agents tend to self-select into more competitive environments (e.g. Dohmen and Falk, forthcoming). In particular, it shows that moderate overconfidence in a contest can improve the agent's performance...

Persistent link: https://www.econbiz.de/10008727202

Information Disclosure in Open Non-Binding Procurement Auctions: an Empirical Study

Stoll, Sebastian; Zöttl, Gregor - Volkswirtschaftliche Fakultät, … - 2012

The outcome of non-binding reverse auctions critically depends on how information is distributed during the bidding … process. We use data from a large European procurement platform to study the impact of different information structures … that on the procurement platform considered bidders indeed are aware of their rivals' characteristics and the buyers …

Persistent link: https://www.econbiz.de/10011106292

Searching the eBay Marketplace

Sailer, Katharina - Volkswirtschaftliche Fakultät, … - 2006

from a sequence of eBay auctions. First the aspect of bidding in a marketplace environment is developed. Form the simple … a "reservation bid" for low-price auctions. Extending results from the empirical auction literature and employing a …

Persistent link: https://www.econbiz.de/10005121206

Fairness, Adverse Selection, and Employment Contracts

Siemens, Ferdinand von - Volkswirtschaftliche Fakultät, … - 2005

This paper considers a firm whose potential employees have private information on both their productivity and the extent of their fairness concerns. Fairness is modelled as inequity aversion, where fair-minded workers suffer if their colleagues get more income net of production costs. Screening...

Persistent link: https://www.econbiz.de/10005649802

Why were FIFA World Cup Tickets so cheap?

Eichhorn, Christoph; Sahm, Marco - Volkswirtschaftliche Fakultät, … - 2007

We examine the pricing decision of a multi-product monopolist in a two-sided market where the type structure of buyers on one side of the market is an important determinant of profit on the other side. In this situation it might be optimal to set prices below the maximum sellout price and to...

Persistent link: https://www.econbiz.de/10005649820

An Experimental Test of Precautionary Bidding

Kocher, Martin G.; Pahlke, Julius; Trautmann, Stefan T. - Volkswirtschaftliche Fakultät, … - 2010

Auctions often involve goods exhibiting a common knowledge ex-post risk that is independent of buyers’ private values … bidding with data from the field seems almost impossible. We conduct experimental first-price auctions that allow us to …

Persistent link: https://www.econbiz.de/10008532007

Testing a forgotten aspect of Akerlof’s gift exchange hypothesis: Relational contracts with individual and uniform wages

Kocher, Martin G.; Luhan, Wolfgang J.; Sutter, Matthias - Volkswirtschaftliche Fakultät, … - 2012

Empirical work on Akerlof’s theory of gift exchange in labor markets has concentrated on the fair wage-effort hypothesis. In fact, however, the theory also contains a social component that stipulates that homogenous agents that are employed for the same wage level will exert more effort,...

Persistent link: https://www.econbiz.de/10009654290

The Theory of the Firm goes Global

Marin, Dalia - Volkswirtschaftliche Fakultät, … - 2012

What insights can be gained from bringing the theory of the firm to the global economy? I discuss several new features of the world economy that can be explained by incorporating the theory of the firm into the theory of international trade. Among the new features I discuss are the move to...

Persistent link: https://www.econbiz.de/10009415849

Increasing Dominance - the Role of Advertising, Pricing and Product Design

Kretschmer, Tobias; Rösner, Mariana - Volkswirtschaftliche Fakultät, … - 2010

Despite the empirical relevance of advertising strategies in concentrated markets, the economics literature is largely silent on the effect of persuasive advertising strategies on pricing, market structure and increasing (or decreasing) dominance. In a simple model of persuasive advertising and...

Persistent link: https://www.econbiz.de/10008513411

Minimum Wages and Relational Contracts

Fahn, Matthias - Volkswirtschaftliche Fakultät, … - 2014

The need to give incentives is usually absent in the literature on minimum wages. However, especially in the service sector it is important how well a job is done, and employees must be incentivized to perform accordingly. Furthermore, many aspects regarding service quality cannot be verified,...

Persistent link: https://www.econbiz.de/10010768961