English, Article, Journal or magazine article edition: Bidding with Outside Options Kirchkamp, Oliver; Poen, Eva; Reiß, J. Philipp

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Bookmark: http://trove.nla.gov.au/version/43161
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Bidding with Outside Options
Author
  • Kirchkamp, Oliver
  • Poen, Eva
  • Reiß, J. Philipp
Physical Description
  • preprint
Notes
  • We introduce and experimentally test an auction model that allows for outside options of bidders as substitutes for the auctioned object under the private values assumption. Theoretically and in the experiments, bidders respond to their individual outside options and to variations of common knowledge about competitors outside options. Interestingly, private outside options induce concave equilibrium bidding functions with uniformly distributed valuations. The bidding data does support this property. As theoretically predicted, lower-valued outside options lead individuals to bid more aggressively in the experiments.
  • RePEc:xrs:sfbmaa:04-21
Language
  • English
Contributed by
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