Theoretical equivalence exists among various auction mechanisms, specifically the Second-Price-Auction (SPA), a competitive environment, and the BDM mechanism, a non-competitive environment. Yet, empirical studies suggest that behavior in these mechanisms may diverge. Our experimental study...

In this paper, we describe three different experiments that explore participants’ risk attitude. When we analyzed the average results, we found that participants behave as the S-shape value function predicts. However, breaking the data down on the individual level reveals that the S-shape is...