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symposium articles : Bidding up, buying out and cooling-off: an examination of auctions with withdrawal rights

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Author Info
John Asker () (Department of Economics, Harvard University, Littauer Center, 1875 Cambridge St, Cambridge, MA 02138, USA)

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Abstract

This paper considers a model in which bidders in an auction are faced with uncertainty as to their final valuation of the auctioned object. This uncertainty is resolved after the auction has taken place. It is argued that the inclusion of a cooling-off right raises the expected revenue to the seller when bidders face a risk of the object being a strict `bad', in that owning the object incurs negative utility to the winner of the auction. The model is then tested in a laboratory setting. The evidence from this experiment supports the predictions of the theory.

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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 16 (2000)
Issue (Month): 3 ()
Pages: 585-611
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Handle: RePEc:spr:joecth:v:16:y:2000:i:3:p:585-611

Note: Received: April 23, 1999; revised version: March 20, 2000
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Related research
Keywords: Auctions; Withdrawal rights; Auction experiments; Cooling-off rights.;

Find related papers by JEL classification:
C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
K11 - Law and Economics - - Basic Areas of Law - - - Property Law

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