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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
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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
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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
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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
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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
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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
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On the Positive Effects of Overcon fident Self-Perception in Teams
Ludwig, Sandra; Wichardt, Philip C.; Wickhorst, Hanke - Volkswirtschaftliche Fakultät, … - 2011
In this paper, we study the individual payoff effects of overconfident self-perception in teams. In particular, we demonstrate that the welfare of an overconfident agent in a team of one rational and one overconfident agent or a team of two overconfident agents can be higher than that of the...
Persistent link: https://www.econbiz.de/10009018022
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The Organization of European Multinationals
Marin, Dalia; Rousová, Linda - Volkswirtschaftliche Fakultät, … - 2011
Recent literature on international trade has established that the most productive firms become multinationals. But our data reveal a startling variation in productivity levels of foreign affiliates across the countries in Eastern Europe of the same European multinational parent firms suggesting...
Persistent link: https://www.econbiz.de/10009370945
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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
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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