English, Article, Journal or magazine article edition: Auctions with Endogenous Price Ceiling:Theoretical and Experimental Results RLobert F. Vesztegy, Serizawa; Kenju Akai; Tatsuyoshi Saijo; ...

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Bookmark: http://trove.nla.gov.au/version/26059
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Auctions with Endogenous Price Ceiling:Theoretical and Experimental Results
Author
  • RLobert F. Vesztegy, Serizawa
  • Kenju Akai
  • Tatsuyoshi Saijo
  • Shigehiro Serizawa
Physical Description
  • preprint
Notes
  • This paper analyzes an auction mechanism that excludes overoptimistic bidders inspired by the rules of the procurement auctions adopted by several Japanese local governments. Our theoretical and experimental results suggest that the endogenous exclusion rule reduces the probability of suffering a monetary loss induced by winning the auction, and also mitigates the problem of the winnerfs curse in the laboratory. However, this protection comes at the price of a lower revenue for the seller.
  • RePEc:dpr:wpaper:0747
Language
  • English
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