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(ERA) is a first-price auction in which truthful bidding is encouraged by bonus payments. We test the robustness property …An auction is externality-robust if unilateral deviations from equilibrium leave the other bidders' payoffs unaffected … externalities due to spiteful preferences, which have been used to explain overbidding in the second-price auction (SPA). Another …
Persistent link: https://www.econbiz.de/10013054012
In many markets, sellers advertise their good with an asking price. This is a price at which the seller will take his good off the market and trade immediately, though it is understood that a buyer can submit an offer below the asking price and that this offer may be accepted if the seller...
Persistent link: https://www.econbiz.de/10012986936
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 …
Persistent link: https://www.econbiz.de/10013316185
design to evaluate how prices differ along regulation boundaries that constrain resource development. The auction format and …
Persistent link: https://www.econbiz.de/10012987389
– that an intransparent negotiation yields a higher buyer surplus than a transparent auction for a range of parameters. In …
Persistent link: https://www.econbiz.de/10013089156
-off, a hybrid share auction that includes a (possibly negative) cash reward to the winner, a minimum share, and an option to …
Persistent link: https://www.econbiz.de/10013060470
at a fixed price before an auction. In the “Buy-It-Now” format, the seller has the bargaining power and offers a price … prior to the auction; whereas in the “Sell-It-Now” format, it is the buyer. Both formats are extensively used in online and … auction …
Persistent link: https://www.econbiz.de/10013000430
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
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
called the 'chopstick auction' in which bidders are confronted with the exposure problem. We do so both in theory and in a … 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