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Information Revelation in an Online Auction with Common Values

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Author Info
Sascha Füllbrunn () (Faculty of Economics and Management, Otto-von-Guericke University Magdeburg)

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Abstract

The Hard Close auction has become a familiar auction format in online markets and in a private value framework this dynamic second-price auction format has experimentally been tested in recent studies. Considering a common value framework, Bajari and Hortaçsu (2003) demonstrate that in the Hard Close auction format bidders, using a sniping strategy, do not provide information during the auction. We provide contrary results from a laboratory experiment. Bidders provide information during the bidding process, resulting in different bid functions that depend on the bidders private information rank.

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File URL: http://www.ww.uni-magdeburg.de/fwwdeka/femm/a2008_Dateien/2008_10.pdf
File Format: application/pdf
File Function: First version, 2008
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Publisher Info
Paper provided by Otto-von-Guericke University Magdeburg, Faculty of Economics and Management in its series FEMM Working Papers with number 08010.

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Length: 20 pages
Date of creation: Apr 2008
Date of revision:
Handle: RePEc:mag:wpaper:08010

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Related research
Keywords: auctions; electronic markets; experiments;

Find related papers by JEL classification:
C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
C9 - Mathematical and Quantitative Methods - - Design of Experiments
D44 - Microeconomics - - Market Structure and Pricing - - - Auctions

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This page was last updated on 2009-12-1.

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