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Learning to bid: An experimental study of bid function adjustments in auctions and fair division games

Güth, Werner; Ivanova, Radosveta; Königstein, Manfred; … - 1999

We examine learning behavior in auctions and Fair division games with independent private values under two different … than single bids. This allows us to examine whether learning is influenced by the structural differences between games. We … find that within the time horizon which we investigate, learning does not drive toward risk neutral equilibrium bidding and …

Persistent link: https://www.econbiz.de/10010310061

Employment duration and resistance to wage reductions: Experimental evidence

Burda, Michael C.; Güth, Werner; Kirchsteiger, Georg; … - 1998

One of the long-standing puzzles in economics is why wages do not fall sufficiently in recessions so as to avoid increases in unemployment. Put differently, if the competitive market wage declines, why don't employers simply force their employees to accept lower wages as well? As an alternative...

Persistent link: https://www.econbiz.de/10010309895

Auctions and fair division games under different price rules: Individual bid functions, prices and efficiency rates

Güth, Werner; Ivanova-Stenzel, Radosveta; Königstein, … - 1999

) repeteadly. Due to the strategy method (one bids before learning one's private value) we can investigate the slope and curvature …

Persistent link: https://www.econbiz.de/10010309999

Bidding behavior in asymmetric auctions: An experimental study

Güth, Werner; Ivanova-Stenzel, Radosveta; Wolfstetter, … - 2001

We review an asymmetric auction experiment. Based on Plum (1992) private valuations of the two bidders are independently drawn from distinct but commonly known distributions, one of which stochastically dominating the other. We test the qualitative properties of that model of asymmetric...

Persistent link: https://www.econbiz.de/10010310347

Experimental 'beauty contests' with homogeneous and heterogeneous players and with interior and boundary equilibria

Güth, Werner; Kocher, Martin; Sutter, Matthias - 2001

We study behavior in experimental beauty contests with, first, boundary and interior equilibria, and, second, homogeneous and heterogenous types of players. We find quicker and better convergence to the game-theoretic equilibrium with interior equilibria and homogeneous players.

Persistent link: https://www.econbiz.de/10010310366

Co-evolution of preferences and information in simple games of trust

Güth, Werner; Kliemt, Hartmut; Peleg, Bezalel - 1998

In standard rational choice modelling decisions are made according to given information and preferences. In the model presented here the 'information technology' of individual decision makers as well as their preferences evolve in a dynamic process. In this process decisions are made rationally...

Persistent link: https://www.econbiz.de/10010309880