behavior in games? I analyze auctions and distribution games. In auctions, projection implies an increased sense of competition …, which induces overbidding in all (first-price) auctions. In addition, it biases the perceived value distribution, which … induces cursed bidding in common value auctions. Thus, projection induces a hitherto neglected bias in bidding. It is novel in …

Experimental sealed-bid first-price auctions with private values in which feedback on the losing bids is provided yield … lower revenues than auctions where this feedback is not given. The concept of weighted impulse balance equilibrium, which is …

When second-price auctions have been conducted in the laboratory, most of the observed bids have been â … had any prior experience bidding in auctions. We report on sealed-bid second-price auctions that we conducted on the … Internet using subjects with substantial prior experience: they were highly experienced participants in eBay auctions. Unlike …

We analyse bidding incentives and present evidence on takeover premiums in Sweden’s mandatory bankruptcy auctions. The … bid exceeds the private valuation of the bank’s coalition partner (overbidding). We derive new and testable cross …-sectional predictions of the overbidding theory, and provide empirical support using auction premiums as dependent variable. Interestingly …

We analyse bidding incentives of the main creditors (banks) in Swedish bankruptcy auctions. Lacking a direct mechanism … the liquidation recovery and the final going-concern auction premium are observable, the overbidding theory is testable …. We perform a large-sample, cross-sectional analysis where overbidding is pitched against asset fire-sale arguments. The …

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 …

First-price auction experiments find often substantial overbidding which is typically related to risk aversion. We … introduce a model where some bidders use constrained linear bids. As with risk aversion this leads to overbidding if valuations … the help of experiments, compare bidding in first-price and second-price auctions and study revenue under different …

This paper analyzes symmetric, single item auctions in the private values framework, with buyers whose preferences … independently and identically distributed, buyers are indifferent among all the auctions contained in a big family of mechanisms … which includes the standard auctions. It is also shown that in the linear equilibria of the sealed bid double auction, as …

Sales of multiple real-estate properties are ften conducted via a sequence of ascending auctions, giving the winner at …" auctions raise more revenues than standard simultaneous or sequential ascending auctions. We also report the results of … laboratory experiments to investigate the effectiveness of bidders' choice auctions vis-a-vis the simultaneous ascending auction …