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Searching for a better deal - on the influence of group decision making, time pressure and gender in a search experiment

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Author Info
Ibanez, Marcela () (Department of Economics, School of Business, Economics and Law, Göteborg University)
Czermak, Simon () (University of Innsbruck)
Sutter, Matthias () (Department of Economics, School of Business, Economics and Law, Göteborg University)

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Abstract

We study behavior in a search experiment where sellers receive randomized bids from a computer. At any time, sellers can accept the highest standing bid or ask for another bid at positive costs. We find that sellers stop searching earlier than theoretically optimal. Inducing a mild form of time pressure strengthens this finding in the early periods. There are marked gender differences. Men search significantly shorter than women. If subjects search in groups of two subjects, there is no difference to individual search, but teams of two women search much longer than men and recall more frequently.

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File URL: http://hdl.handle.net/2077/9922
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Publisher Info
Paper provided by Göteborg University, Department of Economics in its series Working Papers in Economics with number 296.

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Length: 22 pages
Date of creation: 31 Mar 2008
Date of revision:
Publication status: Published in Journal of Economic Psychology, 2009, pages 1-10.
Handle: RePEc:hhs:gunwpe:0296

Contact details of provider:
Postal: Department of Economics, School of Business, Economics and Law, Göteborg University Box 640, SE 405 30 GÖTEBORG, Sweden
Phone: 031-773 10 00
Web page: http://www.handels.gu.se/econ/
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Related research
Keywords: Search experiment; Time; Group decision; Gender differences;

Other versions of this item:

Find related papers by JEL classification:
C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information

This paper has been announced in the following NEP Reports:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Liran Einav, 2005. "Informational Asymmetries and Observational Learning in Search," Journal of Risk and Uncertainty, Springer, vol. 30(3), pages 241-259, May. [Downloadable!] (restricted)
  2. Kugler, Tamar & Bornstein, Gary & Kocher, Martin G. & Sutter, Matthias, 2007. "Trust between individuals and groups: Groups are less trusting than individuals but just as trustworthy," Journal of Economic Psychology, Elsevier, vol. 28(6), pages 646-657, December. [Downloadable!] (restricted)
    Other versions:
  3. Cox, James C & Oaxaca, Ronald L, 1992. "Direct Tests of the Reservation Wage Property," Economic Journal, Royal Economic Society, vol. 102(415), pages 1423-32, November. [Downloadable!] (restricted)
  4. Wolfgang J. Luhan & Martin G. Kocher & Matthias Sutter, 2006. "Group Polarization in the Team Dictator Game reconsidered," Tinbergen Institute Discussion Papers 06-099/1, Tinbergen Institute. [Downloadable!]
    Other versions:
  5. Ariel Rubinstein, 2007. "Instinctive and Cognitive Reasoning: A Study of Response Times," Economic Journal, Royal Economic Society, vol. 117(523), pages 1243-1259, October. [Downloadable!] (restricted)
  6. Kogut, Carl A., 1992. "Recall in consumer search," Journal of Economic Behavior & Organization, Elsevier, vol. 17(1), pages 141-151, January. [Downloadable!] (restricted)
  7. Renate Schubert et al., 1999. "Financial Decision-Making: Are Women Really More Risk-Averse?," American Economic Review, American Economic Association, vol. 89(2), pages 381-385, May. [Downloadable!] (restricted)
  8. Schotter, Andrew & Braunstein, Yale M, 1981. "Economic Search: An Experimental Study," Economic Inquiry, Oxford University Press, vol. 19(1), pages 1-25, January.
  9. Harrison, Glenn W & Morgan, Peter, 1990. "Search Intensity in Experiments," Economic Journal, Royal Economic Society, vol. 100(401), pages 478-86, June. [Downloadable!] (restricted)
  10. Hey, John D., 1982. "Search for rules for search," Journal of Economic Behavior & Organization, Elsevier, vol. 3(1), pages 65-81, March. [Downloadable!] (restricted)
  11. David J. Cooper & John H. Kagel, 2005. "Are Two Heads Better Than One? Team versus Individual Play in Signaling Games," American Economic Review, American Economic Association, vol. 95(3), pages 477-509, June. [Downloadable!]
  12. Gary Charness & Edi Karni, 2007. "Individual and Group Decision Making Under Risk: An Experimental Study of Bayesian Updating and Violations of First-order Stochastic Dominance," University of California at Santa Barbara, Economics Working Paper Series 20-07, Department of Economics, UC Santa Barbara. [Downloadable!]
    Other versions:
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