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Max-Planck-Institut für Ökonomik, Jena >
Jena Economic Research Papers, MPI für Ökonomik >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/31716
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Kirchkamp , Oliver | | en_US |
| dc.contributor.author | | Reiss, J. Philipp | | en_US |
| dc.date.accessioned | | 2008-10-29 | | en_US |
| dc.date.accessioned | | 2010-05-14T11:12:45Z | | - |
| dc.date.available | | 2010-05-14T11:12:45Z | | - |
| dc.date.issued | | 2008 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/31716 | | - |
| dc.description.abstract | | We present results from a series of experiments that allow us to measure overbidding and, in particular, underbidding in first-price auctions. We investigate how the amount of underbidding depends on seemingly innocent parameters of the experimental setup. To structure our data we present and test a theory of constant markdown bids. While a fraction of bidders can be well described by Bayesian Nash equilibrium bids, a larger fraction seems to either use constant markdown bids or seems to rationally optimise against a population where some members use markdown bids and some are rational. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Universität Jena und Max-Planck-Institut für Ökonomik Jena | | en_US |
| dc.relation.ispartofseries | | Jena economic research papers 2008,066 | | en_US |
| dc.subject.jel | | C92 | | en_US |
| dc.subject.jel | | D44 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Auction | | en_US |
| dc.subject.keyword | | experiment | | en_US |
| dc.subject.keyword | | overbidding | | en_US |
| dc.subject.keyword | | underbidding | | en_US |
| dc.subject.keyword | | risk-aversion. | | en_US |
| dc.subject.stw | | Auktionstheorie | | en_US |
| dc.subject.stw | | Risikoaversion | | en_US |
| dc.subject.stw | | Test | | en_US |
| dc.title | | Heterogeneous bids in auctions with rational and markdown bidderstheory and experiment | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 583849091 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | Jena Economic Research Papers, MPI für Ökonomik
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