Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/219200
Authors: 
Banerjee, Priyodorshi
Khare, Shashwat
Srikant, P.
Year of Publication: 
2018
Citation: 
[Journal:] Games [ISSN:] 2073-4336 [Volume:] 9 [Year:] 2018 [Issue:] 4 [Pages:] 1-16
Abstract: 
We analyze choices of sellers, each setting a reserve price in a laboratory first price auction with automated equilibrium bidding. Subjects are allowed to gain experience for a fixed period of time prior to making a single payoff-relevant choice. Behavior of more experienced sellers was consistent with benchmark theory: average reserve price for these sellers was independent of the number of bidders and equaled the predicted level. Less experienced sellers however deviated from the theoretical benchmark: on average, they tended to shade reserve price below the predicted level and positively relate it to the number of bidders.
Subjects: 
reserve price
first-price auction
experience
seller learning
JEL: 
C91
D44
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by/4.0/
Document Type: 
Article
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