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Auctions and fair division games: A cross-cultural bidding experiment

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  • Ivanova-Stenzel, Radosveta

Abstract

This paper presents the results of experiments carried out in two countries, Germany and Bulgaria, and for different allocation rules (first vs. second price auction vs. fair division game). The data analysis of the sealed-bid, private value-contests compares the bid function in both countries, some features of the bidding behavior (learning of risk neutral equilibrium bidding, truthful bidding, decision time, bid adjustments) as well as the efficiency rates and the price expectations. The main results obtained in Germany were replicated with the Bulgarian subjects.

Suggested Citation

  • Ivanova-Stenzel, Radosveta, 2000. "Auctions and fair division games: A cross-cultural bidding experiment," SFB 373 Discussion Papers 2000,31, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  • Handle: RePEc:zbw:sfb373:200031
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    More about this item

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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