Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/130790 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
Working Paper No. 776
Verlag: 
Queen Mary University of London, School of Economics and Finance, London
Zusammenfassung: 
Through a series of decision tasks involving colored cards, we provide separate measures of Bayesian updating and non-probabilistic reasoning skills. We apply these measures to (and are the first to study) a common-value Dutch auction. This format is more salient than the strategically equivalent first-price auction and silent Dutch formats in hinting that one should condition one's estimate of the value on having the highest bid. Both Bayesian updating skills and non-probabilistic reasoning skills are shown to help subjects correct for the winner's curse, as does the saliency of the active-clock Dutch format.
Schlagwörter: 
Bayesian updating
Non-probabilistic reasoning
Dutch auction
JEL: 
D4
D7
D8
Dokumentart: 
Working Paper

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