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Herding and the Winner’s Curse in Markets with Sequential Bidders

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Author Info

  • Zvika Neeman

    ()

  • Gerhard O. Orosel

Abstract

We 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 Info

Paper provided by Boston University - Industry Studies Programme in its series Papers with number 0092.

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Date of creation: Sep 1998
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Handle: RePEc:fth:bostin:0092

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Postal: Boston University, Industry Studies Program; Department of Economics, 270 Bay Road, Boston, Massachusetts 02215.
Phone: 617-353-4389
Fax: 617-353-444
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Web page: http://www.bu.edu/econ/isp/
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Cited by:
  1. 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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