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Bidding to give in the Field: Door-to-Door Fundraisers had it right from the Start

Onderstal, Sander; Schram, Arthur J.C.; Soetevent, … - Tinbergen Instituut - 2011

. We approached about 4500 households, each participating in either an all-pay auction, a lottery, a non …-pay auction and the lottery. Although the all-pay auction is the superior fundraising mechanism both in theory and in the … anomaly. First, participation in the all-pay auction is substantially lower than in the other mechanisms while the average …

Persistent link: https://www.econbiz.de/10011255620

Emotions and Economic Shocks in a First-Price Auction

Bosman, Ronald; Riedl, Arno - Tinbergen Instituut - 2003

We investigate experimentally whether emotions affect bidding behavior in a firstprice auction. To induce emotions, we … confront subjects after a first auction series with apositive or negative random economic shock. We then explore the relation … between emotions andbidding behavior in a second auction series. Our main results are: (i) the economic shock has asubstantial …

Persistent link: https://www.econbiz.de/10011255774

Inverse Adverse Selection: The Market for Gems

Dari-Mattiacci, Giuseppe; Onderstal, Sander; Parisi, … - Tinbergen Instituut - 2011

This paper studies markets plagued with asymmetric information on the quality of traded goods. In Akerlof's setting, sellers are better informed than buyers. In contrast, we examine cases where buyers are better informed than sellers. This creates an inverse adverse selection problem: The market...

Persistent link: https://www.econbiz.de/10011256127

Auctions under Payoff Uncertainty: The Case with Heterogeneous Bidder-Aversion to Downside Risk

Hu, Audrey; Zou, Liang - Tinbergen Instituut - 2008

This paper characterizes the optimal first-price auction (FPA) and second-price auction (SPA) for selling rights …

Persistent link: https://www.econbiz.de/10011256873

Taking Punishment into Your Own Hands: An Experiment

Duersch, Peter; Müller, Julia - Tinbergen Instituut - 2013

, afterwards, subjects take part in a second price auction for the right to (physically) carry out the act of payoff reduction …

Persistent link: https://www.econbiz.de/10011257296

Capital Gains Taxation and the Cost of Capital: Evidence from Unanticipated Cross-Border Transfers of Tax Bases

Huizinga, Harry; Voget, Johannes; Wagner, Wolf - Tinbergen Instituut - 2012

In a cross-border takeover, the tax base associated with future capital gains is transferred from target shareholders to acquirer shareholders. Crosscountry differences in capital gains tax rates enable us to estimate the discount in target valuation on account of future capital gains. A one...

Persistent link: https://www.econbiz.de/10011256133

Ranking Systemically Important Financial Institutions

Dungey, Mardi; Luciani, Matteo; Veredas, David - Tinbergen Instituut - 2012

. First, Bank of America, JP Morgan and Wells Fargo are consistently in the top 10 throughout the sample. Citigroup and Lehman …

Persistent link: https://www.econbiz.de/10011255476

Weighted Sums of Subexponential Random Variables and Asymptotic Dependence between Returns on Reinsurance Equities

Geluk, J.L.; Vries, C.G. de - Tinbergen Instituut - 2004

Suppose are independent subexponential random variables with partial sums. We show that if the pairwise sums of the ’s are subexponential, then is subexponential and . The result is applied to give conditions under which as , where are constants such that is a.s. convergent. Asymptotic tail...

Persistent link: https://www.econbiz.de/10011255556

Insurance Sector Risk

Slijkerman, Jan Frederik - Tinbergen Instituut - 2006

We model and measure simultaneous large losses of the market value of insurers to understand the impact of shocks on the insurance sector. The downside risk of insurers is explicitly modelled by common and idiosyncratic risk factors. Since reinsurance is important for the capacity of insurers,...

Persistent link: https://www.econbiz.de/10011255587

Risk Measures for Autocorrelated Hedge Fund Returns

Cesare, Antonio Di; Stork, Philip A.; Vries, Casper G. de - Tinbergen Instituut - 2011

Standard risk metrics tend to underestimate the true risks of hedge funds becauseof serial correlation in the reported returns. Getmansky et al. (2004) derive mean,variance, Sharpe ratio, and beta formulae adjusted for serial correlation. Followingtheir lead, adjusted downside and global...

Persistent link: https://www.econbiz.de/10011255664