Multi-object auctions with package bidding: An experimental comparison of Vickrey and iBEA
نویسندگان
چکیده
We study two package auction mechanisms in a laboratory setting, a sealed bid Vickrey auction and an ascending version of Vickrey, the iBEA auction. Unlike the single-unit Vickrey auction, where bidders tend to overbid in the laboratory, most of our bidders either underbid or bid their true values. Furthermore, at the aggregate level, Vickrey generates significantly higher revenue and efficiency than iBEA. We also find that human bidders learn from their robot opponents when the robot strategies are (myopic) best responses.
منابع مشابه
Multi-Object Auctions with Package Bidding: An Experimental Comparison of iBEA and Vickrey∗
We study two package auction mechanisms in the laboratory, a sealed bid Vickrey auction and an ascending version of Vickrey called iBEA. Unlike the single-unit Vickrey where bidders tend to overbid in the laboratory, most of our bidders either underbid or bid their true values. At the aggregate level, Vickrey generates significantly higher revenue and efficiency than iBEA. We also find that hum...
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ورودعنوان ژورنال:
- Games and Economic Behavior
دوره 68 شماره
صفحات -
تاریخ انتشار 2010