@techreport{Englmaier2008Reserve,
abstract = {We use a unique hand collected data set of 6 258 auctions from the online football manager game Hattrick to study micro-patterns of reserve price formation. We find that chosen reserve prices exhibit both, very sophisticated and irrational behavior by the sellers. Reserve prices pick up the birthday effect in sales prices, documented in Englmaier and Schm\"{o}ller (2008) and are adjusted remarkably nuanced to the resulting sales price pattern. Moreover, reserve prices are too clustered (around multiples of 50 000) as to be consistent with fully rational behavior. Furthermore, we find evidence for entitlement effects and the sunk cost fallacy as there is a huge positive effect on the reserve price when the player has been acquired previously.},
address = {M\"{u}nchen},
author = {Florian Englmaier and Arno Schm\"{o}ller},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {D12; D44; 330; Auctions; reserve price; bounded rationality; heuristics; entitlement effect; Auktionstheorie; Internet; Preis; Bewertung; Beschr\"{a}nkte Rationalit\"{a}t; Test},
language = {eng},
number = {2374},
publisher = {CESifo},
title = {Reserve price formation in online auctions},
type = {CESifo working paper},
url = {http://hdl.handle.net/10419/26419},
year = {2008}
}
