As a rule, economic models assume that economic agents are rational and maximise their utility. Experimental economic research in particular attempts to verify this assumption under artificial conditions using laboratory tests. Experiment results must be carefully interpreted, as laboratory...

Volkswirtschaftliche Modelle unterstellen im Regelfall rationale, nutzenmaximierende Wirtschaftssubjekte. Insbesondere die experimentelle Wirtschaftsforschung versucht mit Hilfe von Laborexperimenten – also unter künstlichen Bedingungen -, diese Verhaltensannahme zu verifizieren bzw. zu...

Internet auctions, such as those on eBay, are known for multiple bidding and sniping. Buyers send bids in the closing seconds of an auction, knowing that bids arriving after the closure of the auction are not counted. They also bid several times at the same auction. We model Internet auction as...

We study auctions in which the number of potential bidders is large, such as in Internet auctions. With numerous bidders, the expected revenue and the optimal bid function in a first price auction result in complicated expressions, except for a few simple distribution function for the bidders'...

Internet auctions attract numerous agents, but only a few become active bidders. A major difficulty in the structural analysis of internet auctions is that the number of potential bidders is unknown. Under the independent private value paradigm (IPVP)the valuations of the active bidders form a...

Electronic commerce has grown extraordinarily over the years, with online auctions being extremely successful forms of trade. Those auctions come in a variety of different formats, such as the Buy-It-Now auction format on eBay, that allows sellers to post prices at which buyers can purchase a...

Bidding in the last seconds or minutes of an auction is a common strategy in Internet auctions with fixed end-times. This paper examines the three explanations of late bidding in eBay auctions that survived the first scrutiny in Roth and Ockenfels (2002). There is no indication that late bidding...