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The objects for sale in most auctions possess both private and common value elements. This salient feature has not yet been incorporated into a strategic analysis of equilibrium bidding behaviour. This paper reports such an analysis for a stylised model in which bidders receive a private value...
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competition, and/or the behavioral impacts of competition. Psychologically, a competitive environment alters incentives for ….e., succeeding in a competition is valuable per se. We design an experiment that allows us to disentangle financial and psychological …
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