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On the Impact of Low-Balling : Experimental Results in Asymmetric Auctions

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  • Pezanis-Christou, P

Abstract

The 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 Info

Paper provided by New South Wales - School of Economics in its series Papers with number 97/05.

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Length: 35 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:fth:nesowa:97/05

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Postal: THE UNIVERSITY OF NEW SOUTH WALES, SCHOOL OF ECONOMICS, P.O.B. 1 KENSINGTON, NEW SOUTH WALES 2033 AUSTRALIA.
Phone: (+61)-2-9385-3380
Fax: +61)-2- 9313- 6337
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Web page: http://www.economics.unsw.edu.au/
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Related research

Keywords: AUCTIONS; ECONOMETRICS; DECISION MAKING; INFORMATION;

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Citations

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Cited by:
  1. 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.
  2. Ronald Harstad, 2000. "Dominant Strategy Adoption and Bidders' Experience with Pricing Rules," Experimental Economics, Springer, vol. 3(3), pages 261-280, December.
  3. 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).
  4. 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.
  5. repec:wyi:journl:002123 is not listed on IDEAS
  6. Ivanova-Stenzel, Radosveta & Kröger, Sabine, 2008. "Price formation in a sequential selling mechanism," Journal of Economic Behavior & Organization, Elsevier, vol. 67(3-4), pages 832-843, September.
  7. Kirill Chernomaz, 2014. "Adaptive learning in an asymmetric auction: genetic algorithm approach," Journal of Economic Interaction and Coordination, Springer, vol. 9(1), pages 27-51, April.
  8. 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.
  9. 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.
  10. 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.
  11. Jacob K. Goeree & Theo Offerman, 2002. "The Amsterdam Auction," Microeconomics 0205002, EconWPA.
  12. A. Alexander Elbittar, 2005. "Impact of Valuation Ranking Information on Bidding in First-Price," Microeconomics 0508008, EconWPA.

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