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Becoming the Neighbor Bidder: Endogenous Winner's Curse in Dynamic Mechanisms
Francetich, Alejandro - In: American Economic Journal: Microeconomics 7 (2015) 2, pp. 45-76
This paper addresses the problem of sequentially allocating time sensitive goods, or one-period leases on a durable good, among agents who compete through time and learn about the common component of their valuation privately through experience. I show that efficiency is unattainable, and I...
Persistent link: https://www.econbiz.de/10011267828
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Assignment Messages and Exchanges
Milgrom, Paul - In: American Economic Journal: Microeconomics 1 (2009) 2, pp. 95-113
"Assignment messages" are maximally general messages to describe substitutable preferences by means of a linear program. With "integer assignment messages," there exist integer-valued Walrasian allocations, extending a result of Lloyd S. Shapley and Martin Shubik (1971). Any pure Nash...
Persistent link: https://www.econbiz.de/10005014618
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A Procurement Auction for Toxic Assets with Asymmetric Information
Armantier, Olivier; Holt, Charles A.; Plott, Charles R. - In: American Economic Journal: Microeconomics 5 (2013) 4, pp. 142-62
The proposed 2008 TARP auction was intended to remove "toxic" assets from portfolios of financially stressed banks. The … relative value estimates. We conduct a series of experiments indicating that a simple Reference Price Auction can be an … reference prices. Beyond the TARP auction, our results are relevant to various multi-object auctions with value heterogeneity. …
Persistent link: https://www.econbiz.de/10010702026
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Detection, Identification, and Estimation of Loss Aversion: Evidence from an Auction Experiment
Banerji, A.; Gupta, Neha - In: American Economic Journal: Microeconomics 6 (2014) 1, pp. 91-133
We provide a novel experimental auction design, in which (i) an exogenous decrease in the probability of winning …
Persistent link: https://www.econbiz.de/10010735259
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The Economics of Contingent Re-auctions
Brusco, Sandro; Lopomo, Giuseppe; Marx, Leslie M. - In: American Economic Journal: Microeconomics 3 (2011) 2, pp. 165-93
We consider an auction environment where an object can be sold with usage restrictions that generate benefits to the …
Persistent link: https://www.econbiz.de/10009003465
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Affiliation and Entry in First-Price Auctions with Heterogeneous Bidders: An Analysis of Merger Effects
Li, Tong; Zhang, Bingyu - In: American Economic Journal: Microeconomics 7 (2015) 2, pp. 188-214
the structural estimates. We evaluate how merger effects depend on affiliation, entry, and the auction mechanism and find …
Persistent link: https://www.econbiz.de/10011267824
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Assessing Sale Strategies in Online Markets Using Matched Listings
Einav, Liran; Kuchler, Theresa; Levin, Jonathan; … - In: American Economic Journal: Microeconomics 7 (2015) 2, pp. 215-47
product listings with targeted variation in pricing and auction design. We use these matched listings to measure the … dispersion in auction prices for identical goods sold by the same seller, to estimate nonparametric auction demand curves, to …
Persistent link: https://www.econbiz.de/10011267830
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Sniping and Squatting in Auction Markets
Ely, Jeffrey C.; Hossain, Tanjim - In: American Economic Journal: Microeconomics 1 (2009) 2, pp. 68-94
We conducted a field experiment to test the benefit from late bidding (sniping) in online auction markets. We compared …
Persistent link: https://www.econbiz.de/10005014622
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Risk, Delay, and Convex Self-Control Costs
Fudenberg, Drew; Levine, David K. - In: American Economic Journal: Microeconomics 3 (2011) 3, pp. 34-68
We develop a dual-self model of self-control that is compatible with modern dynamic macroeconomic theory and evidence. We show that a convex cost of self-control explains a wide range of behavioral anomalies concerning risk, including the Allais paradox, and also explains the observed...
Persistent link: https://www.econbiz.de/10009216725
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Testing Game Theory in the Field: Swedish LUPI Lottery Games
Östling, Robert; Wang, Joseph Tao-yi; Chou, Eileen Y.; … - In: American Economic Journal: Microeconomics 3 (2011) 3, pp. 1-33
Game theory is usually difficult to test in the field because predictions typically depend sensitively on features that are not controlled or observed. We conduct one such test using both laboratory and field data from the Swedish lowest unique positive integer (LUPI) game. In this game, players...
Persistent link: https://www.econbiz.de/10009216726