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Competition on Common Value Markets with Naive Traders– A Theoretical and Experimental Analysis
Chlaß, Nadine; Güth, Werner - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2007
Theoretically and experimentally, we generalize the analysis of acquiringa company (Samuelson and Bazerman 1985) by allowing for competition ofboth, buyers and sellers. Naivety of both is related to the idea that higherprices exclude worse qualities. While competition of naive buyers...
Persistent link: https://www.econbiz.de/10005866465
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Competition on common value markets with naèive traders: a theoretical and experimental analysis
Chlaß, Nadine; Güth, Werner - 2007
Theoretically and experimentally, we generalize the analysis of acquiring a company (Samuelson and Bazerman 1985) by allowing for competition of both, buyers and sellers. Naivety of both is related to the idea that higher prices exclude worse qualities. While competition of naive buyers...
Persistent link: https://www.econbiz.de/10010263850
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Competition on Common Value Markets with Naive Traders - A Theoretical and Experimental Analysis
Chlaß, Nadine; Güth, Werner - Wirtschaftswissenschaftliche Fakultät, … - 2007
Theoretically and experimentally, we generalize the analysis of acquiring a company (Samuelson and Bazerman 1985) by allowing for competition of both, buyers and sellers. Naivety of both is related to the idea that higher prices exclude worse qualities. While competition of naive buyers...
Persistent link: https://www.econbiz.de/10005090603
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Out-of equilibrium bids in auctions: wrong expectations or wrong bids
Kirchkamp, Oliver; Reiss, J. Philipp - 2008
Deviations from equilibrium bids in auctions can be related to inconsistent expectations with correct best replies (see Eyster and Rabin, 2005; Crawford and Iriberri, 2007) or correct expectations but small (perhaps quantal-response) mistakes in best replies (see Goeree et al., 2002). To distinguish...
Persistent link: https://www.econbiz.de/10010263873
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Allocation, externalities, and the fair division approach: an experimental study
Weiland, Torsten - 2008
We experimentally investigate four allocation mechanisms - all based on the fair division approach, with varying bid elicitation methods and price rules - in terms of their allocation efficiency, distributional effects, and regularities in individual bidding behavior. In a repeated design, an...
Persistent link: https://www.econbiz.de/10010263876
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Heterogeneous bids in auctions with rational and markdown bidderstheory and experiment
Kirchkamp, Oliver; Reiss, J. Philipp - 2008
We present results from a series of experiments that allow us to measure overbidding and, in particular, underbidding in first-price auctions. We investigate how the amount of underbidding depends on seemingly innocent parameters of the experimental setup. To structure our data we present and...
Persistent link: https://www.econbiz.de/10010276381
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Auctions and leaks: A theoretical and experimental investigation
Fischer, Sven; Güth, Werner; Kaplan, Todd R.; Zultan, Ro'i - 2017
' bid. Equilibrium behavior in the first-price auction is mostly unaffected but there are multiple equilibria in the second …- price auction. Consequently, comparative statics across price rules are equivocal. Experimentally, leaks in the first- price … auction favor second movers but harm first movers and sellers, as theoretically predicted. Low to medium leak probabilities …
Persistent link: https://www.econbiz.de/10011788770
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Heterogeneous bids in auctions with rational and markdown bidders - Theory and Experiment
Kirchkamp, Oliver; Reiß, J. Philipp - Wirtschaftswissenschaftliche Fakultät, … - 2008
We present results from a series of experiments that allow us to measure overbidding and, in particular, underbidding in first-price auctions. We investigate how the amount of underbidding depends on seemingly innocent parameters of the experimental setup. To structure our data we present and...
Persistent link: https://www.econbiz.de/10004970274
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Out-of equilibrium bids in auctions - Wrong expectations or wrong bids
Kirchkamp, Oliver; Reiß, J. Philipp - Wirtschaftswissenschaftliche Fakultät, … - 2008
Deviations from equilibrium bids in auctions can be related to inconsistent expectations with correct best replies (see Eyster and Rabin, 2005; Crawford and Iriberri, 2007) or correct expectations but small (perhaps quantal-response) mistakes in best replies (see Goeree et al., 2002). To distinguish...
Persistent link: https://www.econbiz.de/10005090584
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Allocation, externalities, and the fair division approach: An experimental study
Weiland, Torsten - Wirtschaftswissenschaftliche Fakultät, … - 2008
We experimentally investigate four allocation mechanisms - all based on the fair division approach, with varying bid elicitation methods and price rules - in terms of their allocation efficiency, distributional effects, and regularities in individual bidding behavior. In a repeated design, an...
Persistent link: https://www.econbiz.de/10005090587