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be risk averse, (ii) the bidders can have heterogeneous risk preferences, and (iii) the auction can have a binding … reserve price. Our analysis reveals that the premium has an intricate joint effect on risk sharing and expected revenue, which … in general benefits risk averse bidders. When the seller is more risk averse than the pivotal bidder - a condition often …
Persistent link: https://www.econbiz.de/10013060058
be risk averse, (ii) the bidders can have heterogeneous risk preferences, and (iii) the auction can have a binding … reserve price. Our analysis reveals that the premium has an intricate joint effect on risk sharing and expected revenue, which … in general benefits risk averse bidders. When the seller is more risk averse than the pivotal bidder - a condition often …
Persistent link: https://www.econbiz.de/10010234599
The popularity of open ascending auctions is often attributed to the fact that openly observable bidding allows to aggregate dispersed information. Another reason behind the frequent utilization of open auction formats may be that they activate revenue enhancing biases. In an experiment, we...
Persistent link: https://www.econbiz.de/10014536889
The objects for sale in most auctions possess both private and common value elements. This salient feature has not yet been incorporated into a strategic analysis of equilibrium bidding behaviour. This paper reports such an analysis for a stylised model in which bidders receive a private value...
Persistent link: https://www.econbiz.de/10010324705
Multi-unit ascending auctions allow for equilibria in which bidders strategically reduce their demand and split the market at low prices. At the same time, they allow for preemptive bidding by incumbent bidders in a coordinated attempt to exclude entrants from the market. We consider an...
Persistent link: https://www.econbiz.de/10010325228
seller can be risk averse, (ii) the bidders can have heterogeneous risk preferences, and (iii) the auction can have a binding … reserve price. Our analysis reveals that the premium has an intricate joint effect on risk sharing and expected revenue, which … in general benefits risk averse bidders. When the seller is more risk averse than the pivotal bidder -a condition often …
Persistent link: https://www.econbiz.de/10010377187
The popularity of open ascending auctions is often attributed to the fact that openly observable bidding allows to aggregate dispersed information. Another reason behind the frequent utilization of open auction formats may be that they activate revenue enhancing biases. In an experiment, we...
Persistent link: https://www.econbiz.de/10012427171
Multi-unit ascending auctions allow for equilibria in which bidders strategically reduce their demand and split the market at low prices. At the same time, they allow for pre-emptive bidding by incumbent bidders in a coordinated attempt to exclude entrants from the market. We consider an...
Persistent link: https://www.econbiz.de/10005497722
can be risk averse, (ii) the bidders can have heterogeneous risk preferences, and (iii) the auction can have a binding … reserve price. Our analysis reveals that the premium has an intricate joint effect on risk sharing and expected revenue, which … in general benefits risk averse bidders. When the seller is more risk averse than the pivotal bidder –a condition often …
Persistent link: https://www.econbiz.de/10011256719
This discussion paper resulted in a publication in <I>Experimental Economics</I> 2013, 16(1), 52-87.<P> Multi-unit ascending auctions allow for equilibria in which bidders strategically reduce their demand and split the market at low prices. At the same time, they allow for preemptive bidding by incumbent...</p></i>
Persistent link: https://www.econbiz.de/10011256938