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We study first- and second-price private value auctions with sequential bidding where second movers may discover the first movers bids. There is a unique equilibrium in the first-price auction and multiple equilibria in the second-price auction. Consequently, comparative statics across price...
Persistent link: https://www.econbiz.de/10010433909
In first- and second-price private value auctions with sequential bidding, second movers may discover the first movers’ bid. Equilibrium behavior in the first-price auction is mostly unaffected but there are multiple equilibria in the second- price auction. Consequently, comparative statics...
Persistent link: https://www.econbiz.de/10011738563
unique pure-strategy Nash equilibrium in rent-seeking games of complete information. In this paper, we generalize their … results to contests with incomplete informa tion. Two assumptions are imposed on the information structure. First, the players …
Persistent link: https://www.econbiz.de/10010208517
A unique indivisible commodity with an unknown common value is owned by group of individuals and should be allocated to one of them while compensating the others monetarily. We study the so-called fair division game (Güth, Ivanova-Stenzel, Königstein, and Strobel (2002, 2005)) theoretically...
Persistent link: https://www.econbiz.de/10003905741
. Here, we put this new interpretation to a stress test and find evidence that dictators mean to compensate the recipient for …
Persistent link: https://www.econbiz.de/10009569631
(ERA) is a first-price auction in which truthful bidding is encouraged by bonus payments. We test the robustness property …
Persistent link: https://www.econbiz.de/10010360336
spite extends to the seller. We experimentally test the model predictions by exogenously varying the presence of human …
Persistent link: https://www.econbiz.de/10011456510
Behavioral robustness is essential in mechanism design. Existing papers focus on robustness as captured by dominant strategies. This paper studies the novel concept of externality-robustness, which addresses players' motives to affect other players' monetary payoffs. One example is externalities...
Persistent link: https://www.econbiz.de/10011471404
Behavioral robustness is essential in mechanism design. Existing papers focus on robustness as captured by dominant strategies. This paper studies the novel concept of externality-robustness, which addresses players' motives to affect other players' monetary payoffs. One example is externalities...
Persistent link: https://www.econbiz.de/10011389576
Firms often discourage certain categories of individuals from buying their products, in contrast with typical assumptions about profit maximization. This paper provides a potential rationale for such firm behavior: consumers seek to signal that they have "good" moral values to themselves and...
Persistent link: https://www.econbiz.de/10012308496