Independent Private Value Auctions
Bidder Behaviour in First-, Second- and Third-Price Auctions with Varying Numbers of Bidders
Datos Bibliográficos
| ID | 9714593 |
|---|---|
| Autores | John H Kagel (0000-0002-6870-814X, University of Pittsburgh), Dan Levin (0000-0002-8274-6337, University of Houston) |
| Año | 1993 |
| Volumen | 103 |
| Número | 419 |
| Páginas | 868 |
| Fecha de publicación | 1993-07-01 |
| Peer Reviewed | Sí |
| Open Access | No |
| Tipo | ARTICLE |
| Revista | The Economic Journal (JOURNAL) |
| Identificadores de la revista | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Editorial | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.2307/2234706 |
| OpenAlex | W2096423350 |
| Idioma | EN |
| Citas recibidas | 12 |
| Referencias citadas | 4 |
The symmetric equilibrium of third-price auctions is characterized. It makes a number of contrasting predictions relative to firms and second-price auctions: bids exceed private values, the marginal effects on bids of an increase in private values is greater than one, increasing numbers of bidders reduces bids, and risk aversion requires bidding below the risk neutral Nash equilibrium. In the experiment, bidders do not always satisfy the point predictions of the theory. However, the game theoretic models correctly anticipate, at least directionally, the important effects of the price rule changes. Copyright 1993 by Royal Economic Society
Auction theory · Bid shading · Business · Common value auction · Economics · English auction · Generalized second-price auction · Microeconomics · Statistics · Unique bid auction · Value (mathematics · Vickrey auction · Auction Theory and Applications · Consumer Market Behavior and Pricing · Experimental Behavioral Economics Studies · Mathematics
Group size and the voluntary provision of public goods
The expressive power of voting rules
Buyout decisions of level-k bidders in second-price auctions
Identification and Estimation in a Third-Price Auction Model
Does resorting to online dispute resolution promote agreements? Experimental evidence
Revealing consumers' willingness-to-pay
On complexity and lotteries' evaluation – three experimental observations
Less fighting than expected
Misconceptions and Game Form Recognition
Understanding Overbidding in Second Price Auctions
Out‐of‐Equilibrium Bids in First‐Price Auctions
Virtual Orality
| Obras citantes distintas | 12 |
|---|---|
| Citas por año | 0,38 |
| Intervalo de citas | 1994 - 2025 (32) |
| Velocidad de citación | recent |
| Altamente citado | No |
| Tipos de cita | Neutras: 12 |