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We examine the strategic sophistication of adolescents, aged 10 to 17 years, in experimental normal-form games. Besides making choices, subjects have to state their first- and second-order beliefs. We find that choices are more often a best reply to beliefs if any player has a dominant strategy...
Persistent link: https://www.econbiz.de/10008466019
be derived from reaching a better relative position. We use a real-effort experiment in which we permit individuals to …
Persistent link: https://www.econbiz.de/10008466023
Like Feinberg and Sherman (1985) and Phillips and Mason (1992) we test experimentally whether conglomerate firms, i.e., firms competing on multiple structurally unrelated markets, can effectively limit competition. Our more general analysis assumes differentiated rather than homogeneous products...
Persistent link: https://www.econbiz.de/10008466105
The decision of whether or not to migrate has far-reaching consequences for the lives of individuals and their families …
Persistent link: https://www.econbiz.de/10008466441
This paper analyzes the trade of an indivisible good within a two-stage mechanism, where a seller first negotiates with one potential buyer about the price of the good. If the negotiation fails to produce a sale, a second-price sealed-bid auction with an additional buyer is conducted. The...
Persistent link: https://www.econbiz.de/10005670284
In this paper we derive equilibrium bidding functions for first-price and second-price auctions with private values when bidders have outside options. We then study bidding behaviour with the help of experiments. We find that bidders respond to outside options and to variations of common...
Persistent link: https://www.econbiz.de/10005671105
First-price auction experiments find often substantial overbidding which is typically related to risk aversion. We introduce a model where some bidders use constrained linear bids. As with risk aversion this leads to overbidding if valuations are high, but in contrast to risk aversion the model...
Persistent link: https://www.econbiz.de/10005671119
The paper compares with the help of experiments dynamic and static wars of attrition (i.e. second price all-pay auctions) and first-price all-pay auctions. While most experimental studies find overbidding in first-price all-pay auctions, we find underbidding in a similar institution, the war of...
Persistent link: https://www.econbiz.de/10005673157
This paper studies gender heterogeneity in preferences. We used experimental methods to elicit the subjective discount rate and attitude toward risk in Indian villages. Results show that women made more patient choices than men and that their discount rate is related to number of children. No...
Persistent link: https://www.econbiz.de/10005673632
their strength in different age groups. In our experiment subjects interact with members of the same age group. We find that …
Persistent link: https://www.econbiz.de/10005785102