English, Article, Journal or magazine article edition: Heterogeneous bids in auctions with rational and markdown bidders - Theory and Experiment Oliver Kirchkamp; J. Philipp Reiß

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Bookmark: http://trove.nla.gov.au/version/716
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Heterogeneous bids in auctions with rational and markdown bidders - Theory and Experiment
Author
  • Oliver Kirchkamp
  • J. Philipp Reiß
Physical Description
  • preprint
Notes
  • We present results from a series of experiments that allow us to measure overbidding and, in particular, underbidding in first-price auctions. We investigate how the amount of underbidding depends on seemingly innocent parameters of the experimental setup. To structure our data we present and test a theory of constant markdown bids. While a fraction of bidders can be well described by Bayesian Nash equilibrium bids, a larger fraction seems to either use constant markdown bids or seems to rationally optimise against a population where some members use markdown bids and some are rational.
  • Auction, Experiment, Overbidding, Underbidding, Risk-Aversion
  • RePEc:jrp:jrpwrp:2008-066
Language
  • English
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