-seeking contests. Most previous studies use a lottery prize rule and linear cost, and find both overbidding relative to the Nash …

participants are significantly higher than predicted and that over-dissipation of rents (or overbidding or over-expenditure of …

significantly higher than predicted in the models based on rational behavior and that over-dissipation of rents (or overbidding or …

We experimentally study overbidding in contests and find that overbidding is significantly higher when subjects are … given a large per-experiment endowment rather than when the endowment is given per-period. Risk-aversion and non …

contest experiments: (i) overbidding relative to the standard Nash equilibrium prediction and (ii) heterogeneous behavior of … ex-ante symmetric contestants. Based on the sample of contest experiments that we review, the median overbidding rate is … 72%. We provide different explanations for the overbidding phenomenon, including bounded rationality, utility of winning …

We report on an experiment investigating whether the Hayak Hypothesis (Smith, 1982) extends to the long run setting. We …

. Enterprises embarking on a reverse auction initiative often start with their commodity purchases. We conduct laboratory … experiments and find that this is a poor starting point. Both the mean and variance of prices when sourcing through reverse … sealed bid auction and has the same symmetric Nash equilibrium. However, the request for quote allows identification of …

such procurement is an English auction followed by an auctioneer's option to engage in ultimatum bargaining with the winner …. We study behavior and performance in this procurement format using a laboratory experiment. Sellers closely follow the … equilibrium strategy of exiting the auction at their costs and then accepting strictly profitable offers. Buyers generally …

, which induces overbidding in all (first-price) auctions. In addition, it biases the perceived value distribution, which …