Experienced construction industry executives suffer from a winner's curse in laboratory common value auction markets (Dyer et al. [Dyer, D., J. H. Kagel, D. Levin. 1989. A comparison of naive and experienced bidders in common value offer auctions: Laboratory analysis. Econom. J. 99 108--115.])....

Experienced construction industry executives suffer from a winner's curse in laboratory common- value auction markets. (Dyer et al. 1989). This paper identifies essential differences between field environments and the economic theory underlying the laboratory markets that account for the...

Results from first-price, sealed-bid auctions, in which there is uncertainty regarding the number of bidders, are reported. Consistent with recent theoretical findings, concealing information regarding the number of bidders raises more revenue for the seller than revealing information....