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 …

overbidding in auctions. As a workhorse we use the second-price all-pay and the first-price winner-pay auction. Both risk and …In this paper we use an experiment to compare a theory of risk aversion and a theory of spite as an explanation for …. Indeed, we find that spite is a more convincing explanation for bidding behavior for the second-price all-pay auction. Not …

In a punishment experiment, we separate the demand for punishment in general from a possible demand to conduct …, afterwards, subjects take part in a second price auction for the right to (physically) carry out the act of payoff reduction …. This auction only resolves who will punish, not whether punishment takes place, so only subjects with a demand for personal …

In a punishment experiment, we separate the demand for punishment in general from the demand to conduct punishment …, afterwards, subjects take part in a second price auction for the right to (physically) carry out the act of payoff reduction …

empirically, about the properties of charity auctions. The small theoretical literature suggests that the all-pay auction should … garner more money than winner-pay auctions. We conduct field experiments to test which sealed bid format, first price, second … price or all-pay raises the most money. Our experiment suggests that both the all-pay and second price formats are dominated …

This paper investigates various theories explaining banks' overbidding in the fixed rate tenders of the European … Central Bank (ECB). Using auction data from both the Bundesbank and the ECB, we show that none of the theories can on its own … explain the observed overbidding. This implies that the proposed new rules by the ECB, aimed at neutralizing interest rate …