This article jointly examines the differences of laboratory versions of the Dutch clock open auction, a sealed-bid auction to represent book building, and a two-stage sealed bid auction to proxy for the “competitive IPO”, a recent innovation used in a few European equity initial public...

This article investigates bid updating and subject learning in experimental initial public offers (IPO) of stock pricing methods. A clock auction stands for the "Dutch auction". A sealed-bid uniform price auction represents "book building". A two-stage "book building" emulation represents a...