Least Unmatched Price Auctions: A First Approach
Least-Unmatched Price Auctions have become a popular format of TV and radio shows. Increasingly, they are also applied in internet trading. In these auctions the lowest single (unique) bid wins. We analyze the game-theoretic solution of least unmatched price auctions when prize, bidding cost and the number of participants are known. We use a large data-set of such auctions in order to contrast actual behavior of players with game-theoretic predictions. In the aggregate, bidding behaviour seems to conform with a Nash equilibrium in mixed strategies.
|Date of creation:||Jul 2008|
|Date of revision:||Jul 2008|
|Contact details of provider:|| Postal: Grabengasse 14, D-69117 Heidelberg|
Phone: +49-6221-54 2905
Fax: +49-6221-54 2914
Web page: http://www.awi.uni-heidelberg.de/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Jacob K Goeree & Charles A Holt, 2004.
"Ten Little Treasures of Game Theory and Ten Intuitive Contradictions,"
Levine's Working Paper Archive
618897000000000900, David K. Levine.
- Jacob K. Goeree & Charles A. Holt, 2001. "Ten Little Treasures of Game Theory and Ten Intuitive Contradictions," American Economic Review, American Economic Association, vol. 91(5), pages 1402-1422, December.
- Jacob K. Goeree & Charles A. Holt, 2000. "Ten Little Treasures of Game Theory and Ten Intuitive Contradictions," Virginia Economics Online Papers 333, University of Virginia, Department of Economics.
- Kate Antonovics & Peter Arcidiacono & Randall Walsh, 2005.
"Games and Discrimination: Lessons From The Weakest Link,"
Journal of Human Resources,
University of Wisconsin Press, vol. 40(4), pages 918-947.
- Antonovics, Kate & Arcidiacono, Peter & Walsh, Randall, 2003. "Games and Discrimination: Lessons From the Weakest Link," University of California at San Diego, Economics Working Paper Series qt3871w41j, Department of Economics, UC San Diego.
- Albert Satorra & Antoni Bosch-Domenech & Jose Garcia-Montalvo & Rosemarie Nagel, 2002.
"One, two, (three), infinity: Newspaper and lab beauty-contest experiments,"
Artefactual Field Experiments
00011, The Field Experiments Website.
- Antoni Bosch-Domènech & José G. Montalvo & Rosemarie Nagel & Albert Satorra, 2002. "One, Two, (Three), Infinity, ...: Newspaper and Lab Beauty-Contest Experiments," American Economic Review, American Economic Association, vol. 92(5), pages 1687-1701, December.
- Rosemarie Nagel & Antoni Bosch-Domènech & Albert Satorra & José García Montalvo, 1999. "One, two, (three), infinity: Newspaper and lab beauty-contest experiments," Economics Working Papers 438, Department of Economics and Business, Universitat Pompeu Fabra.
- Ockenfels, Axel & Roth, Alvin E., 2006.
"Late and multiple bidding in second price Internet auctions: Theory and evidence concerning different rules for ending an auction,"
Games and Economic Behavior,
Elsevier, vol. 55(2), pages 297-320, May.
- Axel Ockenfels & Alvin E. Roth, 2003. "Late and Multiple Bidding in Second Price Internet Auctions: Theory and Evidence Concerning Different Rules for Ending an Auction," CESifo Working Paper Series 992, CESifo Group Munich.
- Metrick, Andrew, 1995. "A Natural Experiment in "Jeopardy!"," American Economic Review, American Economic Association, vol. 85(1), pages 240-53, March.
When requesting a correction, please mention this item's handle: RePEc:awi:wpaper:0471. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Gabi Rauscher)
If references are entirely missing, you can add them using this form.