Entry coordination in auctions and social welfare: An experimental investigation
AbstractMost of the literature on auctions with endogenous entry assumes that, in equilibrium, the number of entrants is deterministic. We discuss a series of experiments designed to test the alternative hypothesis that, even in equilibrium, the number of entrants is stochastic. This distinction has strong implications for auction performance, the design of optimal mechanisms, and social welfare. Our results strongly reject the hypothesis of deterministic entry and tend to confirm the alternative hypothesis that entry is stochastic.
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Bibliographic InfoArticle provided by Springer in its journal International Journal of Game Theory.
Volume (Year): 30 (2002)
Issue (Month): 3 ()
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Find related papers by JEL classification:
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
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- Radosveta Ivanova-Stenzel & Timothy Salmon, 2009.
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wp2009_06_02, Department of Economics, Florida State University.
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- Chakravarty, Surajeet & Ghosh, Sudeep, 2011. "An experimental investigation of entry cost effects in sealed-bid dollar auctions," Economics Letters, Elsevier, vol. 111(2), pages 122-124, May.
- Tong Li, 2005. "Econometrics of first-price auctions with entry and binding reservation prices," Journal of Econometrics, Elsevier, vol. 126(1), pages 173-200, May.
- Ehud Guttel & Barak Medina, 2007. "Less Crime, More (Vulnerable) Victims: Game Theory and the Distributional Effects of Criminal Sanctions," Levine's Bibliography 122247000000001799, UCLA Department of Economics.
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