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A pure variation of risk in first-price auctions
Kirchkamp, Oliver; Reiss, J. Philipp; Sadrieh, Abdolkarim - 2006
decreasing bidders' risk significantly reduces the degree of overbidding relative to the risk-neutral Bayesian-Nash equilibrium …We introduce a new method of varying the risk that bidders face in first-price private value auctions. We find that … prediction. This implies that risk affects bidding behavior as generally expected in auction theory. While resolving a long …
Persistent link: https://www.econbiz.de/10010263870
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Heterogeneous bids in auctions with rational and markdown bidderstheory and experiment
Kirchkamp, Oliver; Reiss, J. Philipp - 2008
We present results from a series of experiments that allow us to measure overbidding and, in particular, underbidding …
Persistent link: https://www.econbiz.de/10010276381
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All-Pay auctions with negative prize externalities: Theory and experimental evidence
Sacco, Dario; Schmutzler, Armin - 2008
The paper characterizes the mixed-strategy equilibria in all-pay auctions with endogenous prizes that depend positively on own effort and negatively on the effort of competitors. Such auctions arise naturally in the context of investment games, lobbying games, and promotion tournaments. We also...
Persistent link: https://www.econbiz.de/10010315592
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Teams and individuals in standard auction formats: Decisions and emotions
Karmeliuk, Maria; Kocher, Martin - 2021
Our study compares individual and team bidding in standard auction formats: first-price, second-price and ascending-price (English) auctions with independent private values. In a laboratory experiment, we find that individuals overbid more than teams in first-price auctions and deviate more from...
Persistent link: https://www.econbiz.de/10012504525
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Teams and individuals in standard auction formats : decisions and emotions
Karmeliuk, Maria; Kocher, Martin - 2021
Our study compares individual and team bidding in standard auction formats: first-price, second-price and ascending-price (English) auctions with independent private values. In a laboratory experiment, we find that individuals overbid more than teams in first-price auctions and deviate more from...
Persistent link: https://www.econbiz.de/10012500699
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Spite vs. risk: explaining overbidding
Kirchkamp, Oliver; Mill, Wladislaw - 2019
overbidding in auctions. As a workhorse we use the second-price all-pay and the first-price winner-pay auction. Both risk and …In this paper we use an experiment to compare a theory of risk aversion and a theory of spite as an explanation for … spite can be used to rationalize deviations from risk neutral equilibrium bids in auctions. We exploit that equilibrium …
Persistent link: https://www.econbiz.de/10012018322
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Spite vs. risk : explaining overbidding
Kirchkamp, Oliver; Mill, Wladislaw - 2019
overbidding in auctions. As a workhorse we use the second-price all-pay and the first-price winner-pay auction. Both risk and …In this paper we use an experiment to compare a theory of risk aversion and a theory of spite as an explanation for … spite can be used to rationalize deviations from risk neutral equilibrium bids in auctions. We exploit that equilibrium …
Persistent link: https://www.econbiz.de/10012002983
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Over- and Under-Bidding in Tendering
van den Berg, Vincent - 2013
Consider a government tendering the right to operate, for example, an airport, telecommunication network, or utility. There is an 'incumbent bidder' who owns a complement or substitute facility, and one entering 'new bidder'. With a 'standard auction' on the payment to the government, the...
Persistent link: https://www.econbiz.de/10010326483
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Does the absence of human sellers bias bidding behavior in auction experiments?
Bartling, Björn; Gesche, Tobias; Netzer, Nick - 2016
second-price auctions. Overbidding is a robust finding in second- price auctions, and spite among bidders has been advanced … where bidders have preferences regarding both, the payoffs of other bidders and the seller's revenue. Overbidding is optimal … seller on overbidding. We conclude that overbidding is not an artefact of the standard experimental implementation of second …
Persistent link: https://www.econbiz.de/10011663184
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Knowing Me, Imagining You: Projection and Overbidding in Auctions
Breitmoser, Yves - 2017
Overbidding in auctions has been attributed to e.g. risk aversion, loser regret, level-k, and cursedness, relying on …
Persistent link: https://www.econbiz.de/10011932901