equilibrium than others. Since deviations take mostly the form of overbidding, these subjects win the first or second good and …

Overbidding in auctions has been attributed to e.g. risk aversion, loser regret, level-k, and cursedness, relying on …

This paper investigates various theories explaining banks' overbidding in the fixed rate tenders of the European … explain the observed overbidding. This implies that the proposed new rules by the ECB, aimed at neutralizing interest rate … expectations, would not eliminate overbidding if the rationing rule in the fixed rate tenders remains unchanged. …

decreasing bidders' risk significantly reduces the degree of overbidding relative to the risk-neutral Bayesian-Nash equilibrium … overbidding decreases for most of the value range, a significant degree of underbidding sets in for very low values. …

We present results from a series of experiments that allow us to measure overbidding and, in particular, underbidding …