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Almost Common Value Auctions: An Experiment

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  • Susan L. Rose
  • John H. Kagel

Abstract

"In almost common value auctions one bidder has a higher (private) value for the item than the other bidders. Theory predicts that even a small private value advantage can have an explosive effect in English auctions, with advantaged bidders always winning and sharp decreases in revenue. These predictions fail to materialize for experienced bidders who have learned to avoid the worst effects of the winner's curse. Bidding is better characterized as proportional, with advantaged bidders tending to bid as in a pure common value auction after adding their private value advantage to their estimated value of the item." Copyright (c) 2008, The Author(s) Journal Compilation (c) 2008 Wiley Periodicals, Inc..

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Economics & Management Strategy.

Volume (Year): 17 (2008)
Issue (Month): 4 (December)
Pages: 1041-1058

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Handle: RePEc:bla:jemstr:v:17:y:2008:i:4:p:1041-1058

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Web page: http://www.kellogg.northwestern.edu/research/journals/JEMS/

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Cited by:
  1. Kalyn T. Coatney & Sherrill L. Shaffer & Dale J. Menkhaus, 2011. "Auction Prices, Market Share, and a Common Agent," CAMA Working Papers 2011-24, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  2. Kalyn Coatney & Jesse Tack, 2014. "The Impacts of an Antitrust Investigation: A Case Study in Agriculture," Review of Industrial Organization, Springer, vol. 44(4), pages 423-441, June.

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