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Experimental Markets were used to examine whether individual probability judgment biases affect market prices. This issue is important to accountants because users of accounting information (especially investors) face competitive market environments. The expectation was that it would be more...
Persistent link: https://www.econbiz.de/10012773702
Traders choose to participate in forward or spot auctions having some probability of contract non-performance in the forward market with no associated real cost or with a transaction cost levied randomly on a forward trade. Results from laboratory markets suggest that the spot market becomes a...
Persistent link: https://www.econbiz.de/10012779379
We study the relative performance of the first-price sealed-bid auction and the second-price sealed-bid auction in a laboratory experiment where bidders can signal information through their bidding behavior to an outside observer. We consider two different information settings: the auctioneer...
Persistent link: https://www.econbiz.de/10012953306
We study the relative performance of the first-price sealed-bid auction and the second-price sealed-bid auction in a laboratory experiment where bidders can signal information through their bidding behavior to an outside observer. We consider two different information settings: the auctioneer...
Persistent link: https://www.econbiz.de/10012953920
This paper theoretically and experimentally studies the role of two behavioral biases in all-pay auctions for charity. The theory is developed to predict the effect of loss aversion in the first-price all-pay auction and sunk cost sensitivity in the war of attrition. Using controlled laboratory...
Persistent link: https://www.econbiz.de/10012902237
We study the relative performance of the first‐price sealed‐bid auction and the second-price sealed‐bid auction in a laboratory experiment where bidders can signal information through their bidding behaviour to an outside observer. We consider two different information settings: the...
Persistent link: https://www.econbiz.de/10012908650
We study the effects of different information structures (full information, supply uncertainty and demand uncertainty) on equilibrium prices, allocative efficiency and bidding behavior in a (supply-side) uniform-price multi-unit auction, using supply function competition and a novel experimental...
Persistent link: https://www.econbiz.de/10012889848
the auction format and rationalizes: (i) Nash equilibrium bidding, (ii) (non-)monotone overbidding and (iii) fully cursed …
Persistent link: https://www.econbiz.de/10012896753
We offer experimental and theoretical evidence that large, sealed-bid, multi-unit common value auctions for assets with substantial price uncertainty may be improved through hybrids with a separate retail tranche or ‘public pool.' The auctions in our laboratory experiments incorporate initial...
Persistent link: https://www.econbiz.de/10012936998
Experimental studies on bidding in auctions have so far relied on individual bidders, even though teams are often involved in real auctions. We examine the bidding behaviour of individuals and teams. Our experimental results show that teams stay longer in an (ascending sealed-bid English)...
Persistent link: https://www.econbiz.de/10012757655