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Herding and the Winner's Curse in Markets with Sequential Bidders

Author

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  • Neeman, Z.
  • Orosel, G.O.

Abstract

We present a model of social learning in an environment with common values where informational cascades and herding arise in combination with the winner ; s curse. A informational cascades and herding arise in combination with the winner's curse. A seller of an object sequentially obtains bids from potential buyers. The buyers have the same ex post valuation of the object but differ in their estimates of what this value is.

Suggested Citation

  • Neeman, Z. & Orosel, G.O., 1998. "Herding and the Winner's Curse in Markets with Sequential Bidders," Papers 92, Boston University - Department of Economics.
  • Handle: RePEc:fth:bostec:92
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    More about this item

    Keywords

    INFORMATION ; AUCTIONS ; LEARNING;

    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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