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How to run an experimental auction: A review of recent advances

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  • Maurizio Canavari

    () (Associate Professor, Department of Agricultural and Food Science and Technology, Alma Mater Mater-Studiorum-University of Bologna, Viale Fanin 50, 40126, Bologna, Italy)

  • Andreas C. Drichoutis

    () (Assistant Professor, Department of Agricultural Economics & Rural Development, Agricultural University of Athens, Iera Odos 75, 11855, Greece,)

  • Jayson L. Lusk

    () (Distinguished Professor and Head, Department of Agricultural Economics, Purdue University, 403 W. State St, West Lafayette, IN 47907-2056, USA,)

  • Rodolfo M. Nayga, Jr.

    () ({Distinguished Professor and Tyson Endowed Chair, Department of Agricultural Economics & Agribusiness, University of Arkansas, Fayetteville, AR 72701, USA,)

Abstract

In this paper, we review the recent advances in the literature of experimental auctions and provide practical advice and guidelines for researchers. We focus on issues related to randomization to treatment and causal identiffιcation of treatment effects, on design issues such as selection between different elicitation formats, multiple auction groups in a single session, and house money effects. We also discuss sample size issues related to recent trends about preregistration and pre-analysis plans. We then present the pros and cons of moving auction studies from the lab to the field and review the recent literature on behavioral factors that have been identified as important for auction outcomes.

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  • Maurizio Canavari & Andreas C. Drichoutis & Jayson L. Lusk & Rodolfo M. Nayga, Jr., 2018. "How to run an experimental auction: A review of recent advances," Working Papers 2018-5, Agricultural University of Athens, Department Of Agricultural Economics.
  • Handle: RePEc:aua:wpaper:2018-5
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    Keywords

    auctions; randomization; sample size; pre-registration; field experiments; behavioral factors;

    JEL classification:

    • C57 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Econometrics of Games and Auctions
    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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