auction with an additional buyer is conducted. The theoretical model predicts that with risk neutral agents all sales take … place in the auction rendering the negotiation prior to the auction obsolete. An experimental test of the model provides …

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 study to test the theoretical predictions. In our experiment, subjects … experiment is lower than in the symmetric equilibrium. …