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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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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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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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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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Asymmetric Contests with Head Starts and Nonmonotonic Costs
Siegel, Ron - In: American Economic Journal: Microeconomics 6 (2014) 3, pp. 59-105
study multiprize all-pay auctions with head starts. A comparison to the standard all-pay auction shows that the strategic …
Persistent link: https://www.econbiz.de/10010815836
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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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The Geography of Trade in Online Transactions: Evidence from eBay and MercadoLibre
Hortaçsu, Ali; Martínez-Jerez, F. Asís; Douglas, Jason - In: American Economic Journal: Microeconomics 1 (2009) 1, pp. 53-74
large online auction sites. We find that distance continues to be an important deterrent to trade between geographically …
Persistent link: https://www.econbiz.de/10005563202