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Individuals and teams in auctions

Author

Listed:
  • Sutter, Matthias
  • Kocher, Martin G.
  • Strauß, Sabine

Abstract

Experimental studies on bidding in auctions have so far relied on individual bidders, even though teams are often involved in real auctions. We examine the bidding behaviour of individuals and teams. Our experimental results show that teams stay longer in an (ascending sealed-bid English) auction and pay significantly higher prices than individuals. Consequently, teams make smaller profits and suffer more often from the winner's curse. The auction's efficiency is nevertheless higher with teams, since bidders with the highest valuation are more likely to win the auction when teams bid. We relate our findings to the European UMTS-spectrum auctions.

Suggested Citation

  • Sutter, Matthias & Kocher, Martin G. & Strauß, Sabine, 2009. "Individuals and teams in auctions," Munich Reprints in Economics 18185, University of Munich, Department of Economics.
  • Handle: RePEc:lmu:muenar:18185
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    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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