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Experimental internet auctions with random information retrieval

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Author Info
Doron Sonsino ()
Radosveta Ivanova-Stenzel ()

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Abstract

We run an experiment where 97 subjects could retrieve records of completed past auctions before placing their bids in current one-bid, two-bid, and auction-selection games. Each subject was asked to participate in 3 current auctions; but could retrieve up to 60 records of completed (past) auctions. The results reveal a positive relation between the payoffs earned by the subjects and their history-inspection effort. Subjects act as if responding to the average bidding-ratios of the winners in the samples that they have retrieved. They apply intuitive signal-dependent stopping rules like “sample until observing a winner-value close to my won†or “find a close winner-value and try one more history†when sampling the databases. History-inspection directs bidders with relatively high private-valuations to moderate bidding which increases their realized payoffs. (JEL C9 D4 D8) Copyright Economic Science Association 2006

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File URL: http://hdl.handle.net/10.1007/s10683-006-7050-y
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Publisher Info
Article provided by Springer in its journal Experimental Economics.

Volume (Year): 9 (2006)
Issue (Month): 4 (December)
Pages: 323-341
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Handle: RePEc:kap:expeco:v:9:y:2006:i:4:p:323-341

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Web page: http://www.springerlink.com/link.asp?id=102888

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Related research
Keywords: Internet-auctions observational learning sampling rules experiments

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  15. Battigalli, Pierpaolo & Siniscalchi, Marciano, 2003. "Rationalizable bidding in first-price auctions," Games and Economic Behavior, Elsevier, vol. 45(1), pages 38-72, October. [Downloadable!] (restricted)
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