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In economic approaches it is often argued that reputation considerations influence the behavior of individuals or firms … and that reputation influences the outcome of markets. Empirical evidence is rare though. In this contribution we argue … that a positive reputation of sellers should have an effect on selling prices. Analyzing auctions of popular DVDs at eBay …
Persistent link: https://www.econbiz.de/10010365875
Reputation systems constitute an important institution to help sustain trust in online auction markets. However, only …
Persistent link: https://www.econbiz.de/10012720671
payment is the only reputation building tool available to the manager. If the investor's prior beliefs about the manager … an additional tool available for building reputation. Information sharing disciplines the potential opportunism accruing …
Persistent link: https://www.econbiz.de/10013009042
Social status, or prestige, is an important motive for buying art or collectibles and for participation in charity auctions. We study a symmetric private value auction with prestige motives, in which the auction outcome is used by an outside observer to infer the bidders' types. We elicit...
Persistent link: https://www.econbiz.de/10013045752
This paper analyzes a common-value, first-price auction with state-dependent participation. The number of bidders, which is unobservable to them, depends on the true value. For participation patterns with many bidders in each state, the bidding equilibrium may be of a "pooling" type---with high...
Persistent link: https://www.econbiz.de/10014536902
We consider second-price and first-price auctions in the symmetric independent private values framework. We modify the standard model by the assumption that the bidders have reference-based utility, where a publicly announced reserve price has some influence on the reference point. It turns out...
Persistent link: https://www.econbiz.de/10010263146
This paper reports on the design of a novel two-stage mechanism, based on strictly proper scoring rules, that allows a centre to acquire a costly forecast of a future event (such as a meteorological phenomenon) or a probabilistic estimate of a specific parameter (such as the quality of an...
Persistent link: https://www.econbiz.de/10011109324
We consider second-price and first-price auctions in the symmetric independent private values framework. We modify the standard model by the assumption that the bidders have reference-based utility, where a publicly announced reserve price has some influence on the reference point. It turns out...
Persistent link: https://www.econbiz.de/10004989626
Persistent link: https://www.econbiz.de/10001553481
Persistent link: https://www.econbiz.de/10001603075