We study three alternative implementations of the Vickrey multi-unit demand auction: Vickrey's original static sealed-bid auction and two dynamic/Ausubel auctions, with and without public dropout information reported during the auction. Although implemented by a weaker solution concept, behavior...

The gift-exchange game is a form of sequential prisoner's dilemma, developed by Fehr et al. (1993), and popularized in a series of papers by Ernst Fehr and co-authors. While the European studies typically feature a high degree of gift exchange, the few U.S. studies provide some conflicting...

A series of two-player, second-price common-value auctions are reported. In symmetric auctions, bidders suffer from a winner's curse. In asymmetric auctions in which one bidder has a private value advantage, the effect on bids and prices is proportional rather than explosive (the prediction of...

We examine strategic interactions between firms and planners in China, comparing behavior between: (i) students and magagers with field experience with this situation, (ii) standard versus increased monetary incentives, and (iii) sessions conducted ""in context"" making explicit reference to...