We study the relative performance of the first-price sealed-bid auction and the second-price sealed-bid auction in a … winner's payment to an outside observer. We find that the first-price sealed-bid auction in which the winner's payment is …

We study the relative performance of the first‐price sealed‐bid auction and the second-price sealed‐bid auction in a … reveals the winner’s payment to an outside observer. We find that the first‐price sealed‐bid auction in which the winner …

We study the relative performance of the first-price sealed-bid auction, the second-price sealed-bid auction, and the … all-pay sealed-bid auction in a laboratory experiment where bidders can signal information through their bidding behaviour …-bid auction in which the bidders’ payments are revealed outperforms the other mechanisms in terms of revenue, while this mechanism …

which allows to observe bids and expectations separately. We extensively test the internal validity of this setup. We find … difficult to explain this deviation with risk aversion. We propose and test two other explanations: (1) Bidders do not form … correct expectations. (2) Bidders do not play a best reply against their expectations. We present a novel experimental setup …

and study expectations together with best replies. We extensively test the internal validity of this setup. We ?nd that …Deviations from equilibrium bids in auctions can be related to inconsistent expectations with correct best replies (see … Eyster and Rabin, 2005; Crawford and Iriberri, 2007) or correct expectations but small (perhaps quantal-response) mistakes in …

We present results from a series of experiments that allow us to measure overbidding and, in particular, underbidding … experimental setup. To structure our data we present and test a theory of constant markdown bids. While a fraction of bidders can …

first-price auction which do not have any minimum price. We find that winning prices of this new institution (i) coincide … with the ones of the standard first-price auction and are close to the production cost under our identical cost condition …, and (ii) are higher than the ones of the standard first-price auction and diverge from the lowest production cost under …

A human subject laboratory experiment compares the real-time market performance of the two most popular auction formats … configurations and is statistically significant in most treatments. Revenue capture tends to be similar across auction formats in …