English, Article edition: TACIT COLLUSION IN AUCTIONS AND CONDITIONS FOR ITS FACILITATION AND PREVENTION: EQUILIBRIUM SELECTION IN LABORATORY EXPERIMENTAL MARKETS JIN LI; CHARLES R. PLOTT

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Bookmark: http://trove.nla.gov.au/version/155885
Physical Description
  • article
Language
  • English

Edition details

Title
  • TACIT COLLUSION IN AUCTIONS AND CONDITIONS FOR ITS FACILITATION AND PREVENTION: EQUILIBRIUM SELECTION IN LABORATORY EXPERIMENTAL MARKETS
Author
  • JIN LI
  • CHARLES R. PLOTT
Physical Description
  • article
Notes
  • "The paper studies bidder behavior in simultaneous, continuous, ascending price auctions. We design and implement a "collusion incubator" environment based on a type of public, symmetrically "folded" and "item-aligned" preferences. Tacit collusion develops quickly and reliably within the environment. Once tacit collusion developed, it proved remarkably robust to institutional changes that weakened it as an equilibrium of a game-theoretic model. The only successful remedy was a non-public change in the preference of participants that destroyed the symmetrically, "folded" and "item aligned" patterns of preferences, creating head-to-head competition between two agents reminiscent of the concept of a "maverick.""("JEL "L50, L94, D43) Copyright (c) 2008 Western Economic Association International.
  • RePEc:bla:ecinqu:v:47:y:2009:i:3:p:425-448
Language
  • English
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