Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/26419 
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dc.contributor.authorEnglmaier, Florianen
dc.contributor.authorSchmöller, Arnoen
dc.date.accessioned2008-09-10-
dc.date.accessioned2009-07-28T08:31:39Z-
dc.date.available2009-07-28T08:31:39Z-
dc.date.issued2008-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2374en
dc.subject.jelD12en
dc.subject.jelD44en
dc.subject.ddc330en
dc.subject.keywordAuctionsen
dc.subject.keywordreserve priceen
dc.subject.keywordbounded rationalityen
dc.subject.keywordheuristicsen
dc.subject.keywordentitlement effecten
dc.subject.stwAuktionstheorieen
dc.subject.stwInterneten
dc.subject.stwPreisen
dc.subject.stwBewertungen
dc.subject.stwBeschränkte Rationalitäten
dc.subject.stwTesten
dc.titleReserve price formation in online auctions-
dc.typeWorking Paperen
dc.identifier.ppn577315080en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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