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dc.contributor.authorEnglmaier, Florianen_US
dc.contributor.authorSchmöller, Arnoen_US
dc.date.accessioned2008-09-10en_US
dc.date.accessioned2009-07-28T08:31:39Z-
dc.date.available2009-07-28T08:31:39Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/26419-
dc.description.abstractWe 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 Schmöller (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.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2374en_US
dc.subject.jelD12en_US
dc.subject.jelD44en_US
dc.subject.ddc330en_US
dc.subject.keywordAuctionsen_US
dc.subject.keywordreserve priceen_US
dc.subject.keywordbounded rationalityen_US
dc.subject.keywordheuristicsen_US
dc.subject.keywordentitlement effecten_US
dc.subject.stwAuktionstheorieen_US
dc.subject.stwInterneten_US
dc.subject.stwPreisen_US
dc.subject.stwBewertungen_US
dc.subject.stwBeschränkte Rationalitäten_US
dc.subject.stwTesten_US
dc.titleReserve price formation in online auctionsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn577315080en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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