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Individuals and teams in auctions

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Author Info

  • Matthias Sutter
  • Martin G. Kocher
  • Sabine Strauss

Abstract

Experimental studies on bidding in auctions have so far relied on individual bidders, even though teams are often involved in real auctions. We examine the bidding behaviour of individuals and teams. Our experimental results show that teams stay longer in an (ascending sealed-bid English) auction and pay significantly higher prices than individuals. Consequently, teams make smaller profits and suffer more often from the winner's curse. The auction's efficiency is nevertheless higher with teams, since bidders with the highest valuation are more likely to win the auction when teams bid. We relate our findings to the European UMTS-spectrum auctions. Copyright 2009 , Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/oep/gpn037
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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 61 (2009)
Issue (Month): 2 (April)
Pages: 380-394

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Handle: RePEc:oup:oxecpp:v:61:y:2009:i:2:p:380-394

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Cited by:
  1. Masclet, David & Colombier, Nathalie & Denant-Boemont, Laurent & Lohéac, Youenn, 2009. "Group and individual risk preferences: A lottery-choice experiment with self-employed and salaried workers," Journal of Economic Behavior & Organization, Elsevier, vol. 70(3), pages 470-484, June.
  2. Andrea Morone & Piergiuseppe Morone, 2012. "Are small groups Expected Utility?," Working Papers 2012/08, Economics Department, Universitat Jaume I, Castellón (Spain).
  3. Bell, William Paul, 2009. "Adaptive interactive expectations: dynamically modelling profit expectations," MPRA Paper 38260, University Library of Munich, Germany, revised 09 Feb 2010.
  4. Besedes, Tibor & Deck, Cary & Quintanar, Sarah & Sarangi, Sudipta & Shor, Mikhael, 2011. "Free-Riding and Performance in Collaborative and Non-Collaborative Groups," MPRA Paper 33948, University Library of Munich, Germany.
  5. Roman Sheremeta & Jingjing Zhang, 2010. "Can groups solve the problem of over-bidding in contests?," Social Choice and Welfare, Springer, vol. 35(2), pages 175-197, July.
  6. Jingjing Zhang, 2012. "Communication in asymmetric group competition over public goods," ECON - Working Papers 069, Department of Economics - University of Zurich.
  7. Wieland Mueller & Fangfang Tan, 2011. "Who acts more like a game theorist? Group and individual play in a sequential market game and the effect of the time horizon," Vienna Economics Papers 1111, University of Vienna, Department of Economics.
  8. Ahn, T.K. & Isaac, R. Mark & Salmon, Timothy C., 2011. "Rent seeking in groups," International Journal of Industrial Organization, Elsevier, vol. 29(1), pages 116-125, January.
  9. Klemens Keldenich, 2012. "Group Membership and Communication in Modified Dictator Games," Ruhr Economic Papers 0322, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.

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