In premium auctions, the highest losing bidder receives a reward from the seller. This paper studies the private value English premium auction (EPA) for different risk attitudes of bidders. We explicitly derive the symmetric equilibrium for bidders with CARA utilities and conduct an experimental...

Will generous return policies in auctions benefit bidders? We investigate this issue using second-price common-value auctions. Theoretically, we find that the bidding equilibrium is unique unless returns are free, in which case there exist multiple equilibria with different implications for...

The evacuation process of students from a classroom is investigated by both experiment and modeling. We investigate the video record of the pedestrian movement in the classroom, and find some typical characteristics of the evacuation, including variable velocity, dislocable queuing, monopolizing...