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We describe factors that make bidding in large spectrum auctions complex -- including exposure and budget problems, the role of timing within an ascending auction, and the possibilities for price forecasting -- and how economic and game-theoretic analysis can assist bidders in overcoming these...
Persistent link: https://www.econbiz.de/10013229378
In the contingent valuation literature, both anchoring and acquiescence biases pose problems when using an iterative bidding game to infer willingness to pay. Anchoring bias occurs when the willingness to pay estimate is sensitive to the initially presented starting value. Acquiescence bias...
Persistent link: https://www.econbiz.de/10012759461
, versus the option of making the reserve public by using it as the minimum bid level. In a field experiment, we auction 50 …
Persistent link: https://www.econbiz.de/10013228611
We develop a competitive equilibrium theory of a market for votes. Before voting on a binary issue, individuals may buy …
Persistent link: https://www.econbiz.de/10013138767
Bidders' risk attitudes have key implications for choices of revenue-maximizing auction formats. In ascending auctions, bid distributions do not provide information about risk preference. We infer risk attitudes using distributions of transaction prices and participation decisions in ascending...
Persistent link: https://www.econbiz.de/10013076172
our predictions in a laboratory experiment that compares two-bidder auctions with one prize and 20-bidder auctions with …
Persistent link: https://www.econbiz.de/10013053147
have a fixed end time. A natural experiment is available because the auctions on Amazon, while operating under otherwise …
Persistent link: https://www.econbiz.de/10013247196
from the field context of the task that theory purports to explain. Using common value auction theory as our guide, we … identify naturally occurring settings in which one can test the theory. In our treatments the subjects are not picked at random … conclude that the theory predicts field behavior well when one is able to identify naturally occurring field counterparts to …
Persistent link: https://www.econbiz.de/10012760103
Recently, economists have developed methods for structural estimation of auction models. Many researchers object to these methods because they find the rationality assumptions used in these models to be implausible. In this paper, we explore whether structural auction models can generate...
Persistent link: https://www.econbiz.de/10013309205
of price competition on contract execution. We analyze a unique experiment run by a large utility company in Italy which … suppliers, are long-lasting (for at least 10 years after the initial experiment) and are reflected in higher service quality by …
Persistent link: https://www.econbiz.de/10012979373