Sealed Bid Auctions vs. Ascending Bid Auctions: An Experimental Study
نویسندگان
چکیده
منابع مشابه
Sealed Bid Auctions vs. Ascending Bid Auctions: An Experimental Study
This paper considers the sealed bid and ascending auction, which both identifies the minimum Walrasian equilibrium prices and where truthful preference revelation constitutes an equilibrium. Even though these auction formats share many theoretical properties, there are behavioral aspects that are not easily captured. To explore this issue in more detail, this paper experimentally investigates w...
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In electronic auction applications, small-value merchandise is often distributed. We call this kind of auction micro auction. Compared to traditional general-purpose electronic auction, micro electronic auction has its own special requirements. Especially, micro auction must be very efficient: the cost of the auction protocol must not be over the cost of the merchandise for sale. Although the m...
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We construct a model of bidding with synergies and solve it for both open outcry and sealed-bid uniform price auctions. The model is simple enough to allow for direct interpretations of the experimental data, while still maintaining the essential behavioral forces involved in auctions with synergies: (1) A demand reduction force resulting from the monopsony power that bidders with multiple-unit...
متن کاملSealed-Bid Auctions with Human Auctioneers: An Experimental Study∗
This paper studies first-price (FPA) and second-price (SPA) sealed-bid auctions with independent private values in a laboratory experiment in the presence human auctioneers (HA) who set reserve prices. When comparing bidder behavior in these auctions with near-zero reserve prices to identical auctions without HA and zero reserve prices, we find that in the presence of HA bidders bid less for a ...
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This study presents a laboratory experiment of the first and second price sealed bid auctions with independent private values, where the distribution of bidder valuations is unknown. In our experimental setting, in first price auctions, bids are lower with the presence of ambiguity. This result is consistent with ambiguity loving in a model which allows for different ambiguity attitudes. Altern...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2011
ISSN: 1556-5068
DOI: 10.2139/ssrn.1933471