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Can There Be a Market for Cheap-Talk Information? An Experimental Investigation

Cabrales, Antonio - 2018

This paper reports on experiments testing the viability of markets for cheap talk information. We find that the poor quality of the information transmitted leads to a collapse of information markets. The reasons for this are surprising given the previous experimental results on cheap-talk games....

Persistent link: https://www.econbiz.de/10012917514

Revenues and Welfare in Auctions with Information Release

Schweizer, Nikolaus - 2015

Auctions are the allocation-mechanisms of choice whenever goods and information in markets are scarce. Therefore, understanding how information affects welfare and revenues in these markets is of fundamental interest. We introduce new statistical concepts, k- and k-m-dispersion, for...

Persistent link: https://www.econbiz.de/10013014354

The Herodotus Paradox

Baye, Michael R.; Kovenock, Daniel J.; Vries, Casper G. de - 2021

The Babylonian bridal auction, described by Herodotus, is regarded as one of the earliest uses of an auction in history. Yet, to our knowledge, the literature lacks a formal equilibrium analysis of this auction. We provide such an analysis for the two-player case with complete and incomplete...

Persistent link: https://www.econbiz.de/10013316185

Informational Requirements of Nudging

Benkert, Jean-Michel - 2015

A nudge is a non-coercive paternalistic intervention that attempts to improve choices by manipulating the framing of a decision problem. As any paternalism, it faces the difficulty of determining the appropriate welfare criterion. We propose a welfare-theoretic foundation for nudging similar in...

Persistent link: https://www.econbiz.de/10013023118

Altruistic Observational Learning

March, Christoph - 2016

We report two information cascade game experiments that directly test the impact of altruism on observational learning … substantial public information which increases the earnings of participants. In Experiment 2, participants have better … opportunities to learn about the strategies played by observed which amplifies the impact of altruism on observational learning …

Persistent link: https://www.econbiz.de/10012995188

An Externality-Robust Auction : Theory and Experimental Evidence

Bartling, Björn - 2014

An auction is externality-robust if unilateral deviations from equilibrium leave the other bidders' payoffs unaffected. The equilibrium and its outcome will then persist if certain types of externalities arise between bidders. One example are externalities due to spiteful preferences, which have...

Persistent link: https://www.econbiz.de/10013054012

Procedurally Fair Collective Provision : Its Requirements and Experimental Functionality

Güth, Werner - 2014

This paper derives and justifies a procedurally fair bidding mechanism and reviews experiments that apply the mechanism to public projects provision. In the experiments, not all parties benefit from provision, and the projects' costs can be negative. The experimental results indicate that the...

Persistent link: https://www.econbiz.de/10013060963

Designing Contests between Heterogeneous Contestants : An Experimental Study of Tie-Breaks and Bid-Caps in All-Pay Auctions

Llorente-Saguer, Aniol - 2016

in an experiment. Our data show that indeed, strengthening weaker contestants through tie-breaks and bid …

Persistent link: https://www.econbiz.de/10012986649

Reserve Price Formation in Online Auctions

Englmaier, Florian; Arno, Schmoeller - 2021

We use a unique hand collected data set of 6 258 auctions from the online football manager game Hattrick to study micro-patterns of reserve price formation. We find that chosen reserve prices exhibit both, very sophisticated and 'irrational' behavior by the sellers. Reserve prices pick up the...

Persistent link: https://www.econbiz.de/10013316493

The Chopstick Auction : A Study of the Exposure Problem in Multi-Unit Auctions

Englmaier, Florian; Guillén, Pablo; Llorente, Loreto; … - 2021

laboratory experiment. In theory, the chopstick auction has an efficient equilibrium and is revenue equivalent with the second …-price sealed-bid auction in which the exposure problem is not present. In the experiment, however, we find that the 'chopstick …

Persistent link: https://www.econbiz.de/10013317485