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, conditional on the bid, reduces the optimal bid of a loss averse agent whose reference point is expectations based; (ii) observed bid distributions uniquely identify the participants'...