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On the Effects of Joint Bidding in Independent Private Value Auctions : An Experimental Study

Chernomaz, Kirill - 2011

's revenue, and higher bidders' payoffs. When the bidders are risk neutral, the members of the strong party are expected to … benefit less than the weak bidders. The prediction is reversed when the bidders are sufficiently risk averse. These hypotheses … are tested experimentally. The Nash equilibrium with risk aversion is consistent with some features of the data. Contrary …

Persistent link: https://www.econbiz.de/10013130516

Procuring Commodities : First Price Sealed Bid or English Auction?

Shachat, Jason - 2012

I use laboratory experiments to examine the relative performance of the English auction (EA) and the first price sealed bid auction (FPA) when procuring a commodity. The mean and variance of prices are lower in the FPA than in the EA. Bids and prices in EA agree with game theoretic predictions...

Persistent link: https://www.econbiz.de/10013116096

An Experimental Investigation of Auctions and Bargaining in Procurement

Shachat, Jason - 2012

. We show alternative models based upon risk aversion and anticipated regret can't explain these price dependencies …

Persistent link: https://www.econbiz.de/10013098499

Auctioning the Right to Play Ultimatum Games and the Impact on Equilibrium Selection

Shachat, Jason - 2013

We conduct an experiment in which we auction the scarce rights to play the Proposer and Responder positions in subsequent ultimatum games. As a control treatment, we randomly allocate these rights and then charge exogenous participation fees according to the auction price sequences observed in...

Persistent link: https://www.econbiz.de/10013085955

On the Persistence of Overconfidence : Evidence from Multi-Unit Auctions

Morales-Camargo, Emmanuel - 2013

We analyze pre and post-task confidence in an experiment in which subjects bid in multi-unit common value auctions. Subjects return for a second session, so we are able to assess how performance affects the evolution of confidence. Those with low confidence prior to the first session...

Persistent link: https://www.econbiz.de/10013090267

Price Discovery in Emissions Permit Auctions

Burtraw, Dallas - 2014

Auctions are increasingly being used to allocate emissions allowances (“permits”) for cap and trade and common-pool resource management programs. These auctions create thick markets that can provide important information about changes in current market conditions. This paper reports a...

Persistent link: https://www.econbiz.de/10013069758

An Experimental Analysis of Irish Electricity Auctions

O'Donovan, Celine - 2009

This paper examines the recently deregulated Irish electricity market. We ask: given this newly imposed institutional structure, does the availability of true marginal prices for electricity products affect the price/quantity bids submitted by market participants? First, we analyse the price...

Persistent link: https://www.econbiz.de/10013153920

Implementation in Iterative Elimination of Obviously Dominated Strategies : An Experiment on King Solomon's Dilemma

Hagiwara, Makoto - 2020

“King Solomon's Dilemma” is based on a biblical story and this can be considered as an allocation problem for an indivisible object among two players. An allocation is first-best if a social planner wants to assign the object without payment to the player whose valuation is the highest. We...

Persistent link: https://www.econbiz.de/10012836381

Cheap-talk Communication in Procurement Auctions : Theory and Experiment

Onderstal, Sander - 2020

In procurement auctions, bidders are usually better informed about technical, financial, or legal aspects of the goods and services procured. Therefore, the buyer may include a dialogue in the procurement procedure which enables the suppliers to reveal information that will help the buyer to...

Persistent link: https://www.econbiz.de/10012840965

How the Auction Design Influences Procurement Prices : An Experiment

Ehrhart, Karl-Martin - 2020

commonly observed overbidding in sealed-bid sales auctions …

Persistent link: https://www.econbiz.de/10012843056