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Out-of equilibrium bids in auctions - Wrong expectations or wrong bids

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Author Info
Oliver Kirchkamp () (University of Jena, School of Economics)
J. Philipp Reiß () (Maastricht University, Economics Department)

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Abstract

Deviations from equilibrium bids in auctions can be related to inconsistent expectations with correct best replies (see Eyster and Rabin, 2005; Crawford and Iriberri, 2007) or correct expectations but small (perhaps quantal-response) mistakes in best replies (see Goeree et al., 2002). To distinguish between these two explanations we use a novel experimental procedure and study expectations together with best replies. We extensively test the internal validity of this setup. We ?nd that deviations from equilibrium bids do not seem to be due to wrong expectations but due to deviations from a best reply.

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Publisher Info
Paper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics in its series Jena Economic Research Papers in Economics with number 2008-021.

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Date of creation: 18 Mar 2008
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Handle: RePEc:jrp:jrpwrp:2008-021

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Related research
Keywords: Experiments; Auction; Expectations;

Find related papers by JEL classification:
C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
D44 - Microeconomics - - Market Structure and Pricing - - - Auctions

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