Herding and the Winner's Curse in Markets with Sequential Bidders
AbstractWe present a model of social learning in an environment with common values where informational cascades and herding arise in combination with the winner ; s curse. A informational cascades and herding arise in combination with the winner's curse. A seller of an object sequentially obtains bids from potential buyers. The buyers have the same ex post valuation of the object but differ in their estimates of what this value is.
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Bibliographic InfoPaper provided by Boston University - Department of Economics in its series Papers with number 92.
Length: 31 pages
Date of creation: 1998
Date of revision:
INFORMATION ; AUCTIONS ; LEARNING;
Other versions of this item:
- Zvika Neeman & Gerhard O. Orosel, 1998. "Herding and the Winner’s Curse in Markets with Sequential Bidders," Papers 0092, Boston University - Industry Studies Programme.
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
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- Erik Eyster & Andrea Galeotti & Navin Kartik & Matthew Rabin, 2012. "Congested Observational Learning," Economics Discussion Papers 706, University of Essex, Department of Economics.
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