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Experience Weighted Attraction in the First Price Auction and Becker Degroot Marschak

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Author Info
Duncan James (Fordham University, Department of Economics)
Derrick Reagle (Fordham University, Department of Economics)
Abstract

In this paper we explore the performance of Experience Weighted Attraction (EWA) in two different auction institutions: First Price Sealed Bid, and Becker-DeGroot-Marschak. Our results suggest that learning has some promise as a possible explanation for previously documented cross- institutional choice anomalies usually attributed to risk aversion. Additionally, we present results on the likely econometric (ir)recoverability of EWA parameters in these institutions.

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File URL: http://www.fordham.edu/images/academics/graduate_schools/gsas/economics/dp2008_04_james_reagle.pdf
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Paper provided by Fordham University, Department of Economics in its series Fordham Economics Discussion Paper Series with number dp2008-04.

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Date of creation: 2008
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Handle: RePEc:frd:wpaper:dp2008-04

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Web page: http://www.fordham.edu/economics/
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Related research
Keywords: Auctions; Risk Aversion; Learning; Experience Weighted Attractions;

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