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Experiments on Auction Valuation and Endogenous Entry

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Author Info
Elena Katok () (Laboratory for Economic Management and Auctions, Penn State University)
Richard Engelbrecht-Wiggans () (College of Business, University of Illinois)

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Abstract

We present results of several experiments that deal with endogenous entry in auctions and auction valuation. One observation that is constant across all of the experiments we report is that laboratory subjects have a difficult time evaluating potential gains from auctions. Even after they are given some experience with particular auctions, the uncertainty inherent in the auctions (the probability of winning as well as the potential gains from winning) makes it difficult for subjects to compare different auction mechanisms. This highlights the need for new experimental procedures to be used for testing theories that involve endogenous auction entry in the laboratory.

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File URL: http://lema.smeal.psu.edu/katok/Explore%20Endogenous%20Entry%20(06-2004).pdf
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Publisher Info
Paper provided by The Pennsylvania State University, Laboratory for Economic Mangement and Auctions in its series Working Papers with number ek1.

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Length: 27 pages
Date of creation: 01 Oct 2004
Date of revision: 01 Oct 2004
Handle: RePEc:lma:wpaper:ek1

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Web page: http://lema.smeal.psu.edu
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Related research
Keywords: Experiments on Auction Valuation and Endogenous Entry;

Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior

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Cited by:
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  1. Radosveta Ivanova-Stenzel & Timothy C. Salmon, 2006. "Revenue Equivalence Revisited," Discussion Papers 175, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
    Other versions:
  2. Wei Lim & Joo Lee-Partridge & Soo Tan, 2008. "Revenue implication of auction value in k-price sealed-bid auctions: An experimental study," Marketing Letters, Springer, vol. 19(1), pages 25-38, March. [Downloadable!] (restricted)
  3. Richard Engelbrecht-Wiggans & Elena Katok, 2007. "Regret in auctions: theory and evidence," Economic Theory, Springer, vol. 33(1), pages 81-101, October. [Downloadable!] (restricted)
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