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Learning by Bidding: Evidence from a Large-Scale Natural Experiment

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Author Info
Jan Hanousek
Evzen Kocenda

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Abstract

Learning is a subject of intense research in experimental economics. We contribute to this debate by presenting persuasive evidence that learning took place among uninformed heterogeneous agents on a quasi-stock market during a large-scale natural experiment that by size, incentives, and variation belongs among the largest experiments ever conducted. To detect and quantify learning we develop new measures of individual performance during the bidding process when prices of goods vary over succeeding stages of bidding.

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Publisher Info
Paper provided by The Center for Economic Research and Graduate Education - Economic Institute, Prague in its series CERGE-EI Working Papers with number wp247.

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Date of creation: Jan 2005
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Handle: RePEc:cer:papers:wp247

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Related research
Keywords: Learning; Natural experiment; Auction; Stock market; Privatization; Heterogeneous agents; Transition.;

Find related papers by JEL classification:
C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Semiparametric and Nonparametric Methods
C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
P43 - Economic Systems - - Other Economic Systems - - - Finance; Public Finance

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This page was last updated on 2009-11-5.

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