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Heterogeneous Beliefs and Imperfect Competition in Sequential Auction Markets
Boco, Herve - 2014
This paper analyzes a multi-auction setting in which informed strategic agents are endowed with heterogeneous noisy signals about the liquidation value of a risky asset. We solve for the unique linear equilibrium. One result is that when the variance of the noise is small which leads to a strong...
Persistent link: https://www.econbiz.de/10013060893
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Cross-game learning and cognitive ability in auctions
Giebe, Thomas; Ivanova-Stenzel, Radosveta; Kocher, Martin; … - 2021
study experimentally to what extent cross-game learning can reduce overbidding in SPAs, taking into account cognitive skills … losses from high bids are more salient than in SPAs. Experience in FPAs causes substantial cross-game learning for … bid shading by cognitively more able participants, resulting in lower profits in FPAs. Thus, cross-game learning has the …
Persistent link: https://www.econbiz.de/10012668312
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Ex-post regret learning in games with fixed and random matching : the case of private values
Saran, Rene; Serrano, Roberto - 2010
In contexts in which players have no priors, we analyze a learning process based on ex-post regret as a guide to …. -- Fixed and Random Matching ; Incomplete Information ; Ex-Post Regret Learning ; Nash Equilibrium ; Ex-Post Equilibrium …
Persistent link: https://www.econbiz.de/10008688967
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Ex-Post Regret Learning in Games with Fixed and Random Matching : The Case of Private Values
Saran, Rene - 2010
In contexts in which players have no priors, we analyze a learning process based on ex-post regret as a guide to …
Persistent link: https://www.econbiz.de/10013142432
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Auction design with data-driven misspecifications
Jehiel, Philippe; Mierendorff, Konrad - 2022
Persistent link: https://www.econbiz.de/10013331071
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Speed and Learning in High-Frequency Auctions
Haas, Marlene - 2020
Faster trading improves liquidity in periodic call auction markets, in contrast to continuous-timemarkets. We build a model where high-frequency traders (HFTs) engage in duels to trade onstale quotes. More frequent periodic auctions increase the likelihood that a single HFT arrives inany given...
Persistent link: https://www.econbiz.de/10012855696
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Repeated auction games and learning dynamics in electronic logistics marketplaces : complexity, bounded rationality, and regulation through information
Figliozzi, Miguel A.; Mahmassani, Hani S.; Jaillet, Patrick - In: Managing complexity: insights, concepts, applications : …, (pp. 137-175). 2008
Persistent link: https://www.econbiz.de/10003587579
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The endowment effect as blessing
Frenkel, Sivan; Heller, Yuval; Teper, Roee - 2017
We study the idea that seemingly unrelated behavioral biases can coevolve if they jointly compensate for the errors that any one of them would give rise to in isolation. We suggest that the "endowment effect" and the "winner's curse" could have jointly survived natural selection together. We...
Persistent link: https://www.econbiz.de/10011661133
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Opportunity cost, inattention and the bidder's curse
Freeman, David; Kimbrough, Erik O.; Reiß, J. Philipp - 2017
Recent research suggests that auction winners sometimes fall prey to a "bidder's curse", paying more for an item at auction than they would have paid at a posted price. One explanation for this phenomenon is that bidders are inattentive to posted prices. We develop a model in which bidders'...
Persistent link: https://www.econbiz.de/10011599360
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Market experience and willingness to trade : evidence from repeated markets with symmetric and asymmetric information
Lindsay, Luke - 2011
Many studies have found a gap between willingness-to-pay and willingness-to-accept that is inconsistent with standard theory. There is also evidence that the gap is eroded by experience gained in the laboratory and naturally occurring markets. This paper argues that the gap and the effects of...
Persistent link: https://www.econbiz.de/10009738615