Nalley, Lanier; Hudson, Darren; Parkhurst, Gregory - In: Applied Economics Letters 12 (2005) 1, pp. 59-63
This analysis employs a uniform 4th price sealed-bid auction to test the impact of endowment heterogeneity on participant bids. A mechanism to legitimize the wealth of participants consistent with prior research on endowments is employed. Second, unlike some previous literature, a mechanism to...