We examine whether a simple agent--based model can generate asset price bubbles and crashes of the type observed in a series of laboratory asset market experiments beginning with the work of Smith, Suchanek and Williams (1988). We follow the methodology of Gode and Sunder (1993, 1997) and...

Many internet auction sites implement ascending-bid, second-price auctions. Empirically, lastminute or “late” bidding is frequently observed in “hard-close” but not in “soft-close” versions of these auctions. In this paper, we introduce an independent private-value repeated internet...