On the Impact of Low-Balling : Experimental Results in Asymmetric Auctions
AbstractThe paper reports on a series of experiments in asymmetric First-and Second-Price auctions with private-independent values. The data reveals that although subjects did realize the strategic implications of the asymmetric setting, a significant overbidding pattern was found in First-Price auctions and caused the regjection of the suggested revenue ranking.
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Bibliographic InfoPaper provided by New South Wales - School of Economics in its series Papers with number 97/05.
Length: 35 pages
Date of creation: 1997
Date of revision:
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Postal: THE UNIVERSITY OF NEW SOUTH WALES, SCHOOL OF ECONOMICS, P.O.B. 1 KENSINGTON, NEW SOUTH WALES 2033 AUSTRALIA.
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Web page: http://www.economics.unsw.edu.au/
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AUCTIONS; ECONOMETRICS; DECISION MAKING; INFORMATION;
Other versions of this item:
- Paul Pezanis-Christou, 2002. "On the impact of low-balling: Experimental results in asymmetric auctions," International Journal of Game Theory, Springer, vol. 31(1), pages 69-89.
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
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- Jacob K. Goeree & Theo Offerman, 2002. "The Amsterdam Auction," Microeconomics 0205002, EconWPA.
- Radosveta Ivanova-Stenzel & Sabine Kroger, 2005.
"Price Formation in a Sequential Selling Mechanism,"
Cahiers de recherche
- Ivanova-Stenzel, Radosveta & Kröger, Sabine, 2005. "Price formation in a sequential selling mechanism," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 92, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
- Güth, Werner & Ivanova-Stenzel, Radosveta & Wolfstetter, Elmar, 2001.
"Bidding behavior in asymmetric auctions: An experimental study,"
SFB 373 Discussion Papers
2001,15, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
- Guth, Werner & Ivanova-Stenzel, Radosveta & Wolfstetter, Elmar, 2005. "Bidding behavior in asymmetric auctions: An experimental study," European Economic Review, Elsevier, vol. 49(7), pages 1891-1913, October.
- Paul Pezanis-Christou & Abdolkarim Sadrieh, 2003.
"Elicited bid functions in (a)symmetric first-price auctions,"
UFAE and IAE Working Papers
578.03, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Pezanis-Christou, P. & Sadrieh, A., 2003. "Elicited Bid Functions in a (a)Symmetric First-Price Auctions," Discussion Paper 2003-58, Tilburg University, Center for Economic Research.
- Paul Pezanis-Christou & Abdolkarim Sadrieh, 2003. "Elicited bid functions in (a)symmetric first-price auctions," Working Papers 85, Barcelona Graduate School of Economics.
- Ivanova-Stenzel, Radosveta & Sonsino, Doron, 2001. "Comparative study of one-bid versus two-bid auctions," SFB 373 Discussion Papers 2001,69, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
- Elbittar, Alexander, 2009.
"Impact of valuation ranking information on bidding in first-price auctions: A laboratory study,"
Journal of Economic Behavior & Organization,
Elsevier, vol. 69(1), pages 75-85, January.
- Alexander Elbittar, 2003. "Impact of Valuation Ranking Information on Bidding in First-Price Auctions: A Laboratory Study," Working Papers 0304, Centro de Investigacion Economica, ITAM.
- Ronald Harstad, 2000. "Dominant Strategy Adoption and Bidders' Experience with Pricing Rules," Experimental Economics, Springer, vol. 3(3), pages 261-280, December.
- A. Alexander Elbittar, 2005. "Impact of Valuation Ranking Information on Bidding in First-Price," Microeconomics 0508008, EconWPA.
- Ivanova-Stenzel, Radosveta & Sonsino, Doron, 2004. "Comparative study of one-bid versus two-bid auctions," Journal of Economic Behavior & Organization, Elsevier, vol. 54(4), pages 561-583, August.
- Chernomaz, Kirill, 2012. "On the effects of joint bidding in independent private value auctions: An experimental study," Games and Economic Behavior, Elsevier, vol. 76(2), pages 690-710.
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