Asymmetric auction experiments with(out) commonly known beliefs
Are commonly known beliefs essential for bidding behavior in asymmetric auctions? Our experimental results suggest that not informing participants how values are randomly generated does not change behavior much and may even make it appear more rational.
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References listed on IDEAS
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- Dirk Engelmann & Martin Strobel, 2000.
"The False Consensus Effect Disappears if Representative Information and Monetary Incentives Are Given,"
Springer, vol. 3(3), pages 241-260, December.
- Engelmann, Dirk & Strobel, Martin, 1999. "The false consensus effect disappears if representative information and monetary incentives are given," SFB 373 Discussion Papers 1999,66, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
- Guth, Werner & Ivanova-Stenzel, Radosveta & Wolfstetter, Elmar, 2005.
"Bidding behavior in asymmetric auctions: An experimental study,"
European Economic Review,
Elsevier, vol. 49(7), pages 1891-1913, October.
- Güth, Werner & Ivanova-Stenzel, Radosveta & Wolfstetter, Elmar, 2001. "Bidding behavior in asymmetric auctions: An experimental study," SFB 373 Discussion Papers 2001,15, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
- repec:oup:restud:v:67:y:2000:i:3:p:413-38 is not listed on IDEAS
- Kagel, J.H. & Levin, D., 1988.
"Independent Private Value Auctions: Bidder Behavior In First, Second And Third-Price Auctions With Varying Numbers Of Bidders,"
13, Houston - Department of Economics.
- Kagel, John H & Levin, Dan, 1993. "Independent Private Value Auctions: Bidder Behaviour in First-, Second- and Third-Price Auctions with Varying Numbers of Bidders," Economic Journal, Royal Economic Society, vol. 103(419), pages 868-79, July.
- William Vickrey, 1961. "Counterspeculation, Auctions, And Competitive Sealed Tenders," Journal of Finance, American Finance Association, vol. 16(1), pages 8-37, 03.
- Kagel, John H & Harstad, Ronald M & Levin, Dan, 1987. "Information Impact and Allocation Rules in Auctions with Affiliated Private Values: A Laboratory Study," Econometrica, Econometric Society, vol. 55(6), pages 1275-1304, November.
- Plum, M, 1992. "Characterization and Computation of Nash-Equilibria for Auctions with Incomplete Information," International Journal of Game Theory, Springer, vol. 20(4), pages 393-418.
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