Robustness of preferences among auction institutions (original) (raw)

2008

Abstract

This study examines bidder preferences between alternative auction institutions. In particular we seek to experimentally characterize the degree to which bidders prefer an ascending auction over a sealed bid auction. We find very strong ceteris paribus preferences for the ascending institution with bidders choosing it overwhelmingly often when entry prices for the two auctions are the same. When the entry prices of the two auctions differ, many subjects can be shown to be willing to pay far more to enter the ascending auction than is explainable by their risk attitudes when accounting for their expectations about the risk preferences of their opponents.

Timothy Salmon hasn't uploaded this paper.

Let Timothy know you want this paper to be uploaded.

Ask for this paper to be uploaded.