Experimental Auctions
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Experimental Auctions
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Author : Jayson L. Lusk
language : en
Publisher: Cambridge University Press
Release Date : 2007-11-08
Experimental Auctions written by Jayson L. Lusk and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-08 with Business & Economics categories.
Economists, psychologists, and marketers are interested in determining the monetary value people place on non-market goods for a variety of reasons: to carry out cost-benefit analysis, to determine the welfare effects of technological innovation or public policy, to forecast new product success, and to understand individual and consumer behavior. Unfortunately, many currently available techniques for eliciting individuals' values suffer from a serious problem in that they involve asking individuals hypothetical questions about intended behavior. Experimental auctions circumvent this problem because they involve individuals exchanging real money for real goods in an active market. This represents a promising means for eliciting non-market values. Lusk and Shogren provide a comprehensive guide to the theory and practice of experimental auctions. It will be a valuable resource to graduate students, practitioners and researchers concerned with the design and utilization of experimental auctions in applied economic and marketing research.
Large Scale Multi Item Auctions
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Author : Sascha Michael Schweitzer
language : en
Publisher: KIT Scientific Publishing
Release Date : 2014-10-16
Large Scale Multi Item Auctions written by Sascha Michael Schweitzer and has been published by KIT Scientific Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-16 with Business & Economics categories.
This book presents two experimental studies that deal with the comparison of multi-item auction designs for two specific applications: the sale of 2.6 GHz radio spectrum rights in Europe, and the sale of emissions permits in Australia. In order to tackle the complexity of these experiments, a cognitively based toolkit is proposed, including modularized video instructions, comprehension tests, a learning platform, a graphical one-screen user interface, and comprehension-based group matching.
Essays In Three Design Issues In Experimental Auctions
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Author : Ji Yong Lee
language : en
Publisher:
Release Date : 2016
Essays In Three Design Issues In Experimental Auctions written by Ji Yong Lee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
The objective of this thesis is to investigate three design issues in experimental auctions: 1) the effects of allowing negative bids for a privately valued good, 2) the effects of introducing additional alternatives (substitutes) for the auctioned good in an endowment auction, and 3) respondent behavior in acquiring information. The thesis consists of three papers examining those issues. The first paper examines participants bidding behavior when negative bids are allowed for privately valued goods in an experimental auction. We focus on two questions: i) whether subjects with negative values tend to bid strategically - either overbidding or underbidding in an effort to enhancing earnings, and ii) the performance of random nth and 5th price auctions. We find that: a) WTP bids are demand revealing, b) subjects tend to underbid WTA values, c) controlling for risk attitude partially explains the bias in WTA bids, and d) negative values from random nth auctions tend to be below those from 5th price auctions. In the second paper we 1) investigate the effect of the availability of varying numbers of alternatives (substitutes) for a privately valued good on participants bidding behavior, and 2) identify whether the availability of additional alternatives: a) impacts the value of product information, and b) impacts the effect of new information on product valuations. We find that: a) allowing additional alternatives in a private value auction does not significantly decrease subjects bids, and b) the presence of additional alternatives in the auction decreases both the value and effect of product information. The third paper examines the effect of acquired information on auction participants bidding behavior. We focus on three questions: i) how subjects choose/value different types of information, ii) whether the value of acquired information about a product influences the subsequent valuation of the product itself, and iii) whether the effects of acquired information differ from those of exogenously provided information. We find that: a) subjects behaviors of acquiring different types of information about the product are influenced by their heterogeneous characteristics (i.e. prior beliefs, risk attitudes, prior knowledge, etc.), b) subjects place more weight on acquired information than on provided information in their decision-making process, and c) individual subjects have different values of information which caused different impacts on product valuation.
Rings In Auctions
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Author : Angelo Artale
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Rings In Auctions written by Angelo Artale and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
In auctions, bidders compete with one another in their attempt to 1 purchase the goods that are up for sale • But buyer competition may be reduced or disappear when a ring of colluding bidders is present. The purpose of the participants to a ring is to eliminate buyer competition and to realize a gain over vendors. When all participants are members of the ring, this is done by purchasing the item at the reserve price and splitting the spoils (the difference between the item market value and the reserve price) among the participants. "The term ring apparently derives from the fact that in a settlement sale following the auction, members of the collusive arrangement form a circle or ring to facilitate observation of their trading behavior by the ring leader" (Cassady jr. (1967)). If the coalition members knew other players' values, the problem faced by the ring might be easily solved: the player with the highest value should submit a serious bid and the other members, on the contrary, only phony bids. However, ring participants do not usually know the values of other members. Therefore, ring members have to find out some mechanism which selects the player who has to bid seriously and, eventually, esta blish side payments paid to each of the losers2.
Essays On Willingness To Pay Preferences And Experimental Auctions
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Author : Na He
language : en
Publisher:
Release Date : 2011
Essays On Willingness To Pay Preferences And Experimental Auctions written by Na He and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Auctions categories.
This dissertation firstly employed sealed-bid fifth price auctions to examine demand and the WTP premium difference between organic, non-GM, and conventional versions for two pairs of fresh and processed food products. Results showed that processed foods had greater substitutability than fresh products for all three versions. Conventional versions were the least price sensitive while non-GM versions were the most sensitive. Fresh foods did not necessarily bring higher premiums for organic and non-GM than corresponding processed products. The advantage of using experimental auctions is that they create an environment where people have an incentive to truthfully reveal their preferences. However, this is not to say that people cannot misrepresent their preferences or be influenced by other factors. The second part of the dissertation investigated the consistency between WTP and preference in experimental auctions. It was found that inconsistency, which was that subjects bid higher (lower) for less (more) preferred products, occurred most often in pair of products which had significantly different expected market prices. The reasons suggested in this study were that bids were influenced by expected market prices, familiarity and desirability. The third part was to discuss whether consumer WTP for a good would differ if it was auctioned with an inferior substitute compared to being auctioned with a superior substitute, and whether consumer WTP for a good would change when the number of versions in the offered set changed. It was found that the mean WTP for a good was significantly higher when paired with an inferior substitute than paired with a superior substitute. Moreover, the mean WTP of a good being auctioned with several superior substitutes was significantly different with that being auctioned with a single superior substitute. Increasing the size of auction sets would lower the mean WTP for a good. However, individual WTP rank for products was stable; the superior option was consistently bid more highly than the inferior option if they were offered simultaneously.
Experimental Economics Financial Markets Auctions And Decision Making
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Author : Fredrik Nils Andersson
language : en
Publisher: Springer Science & Business Media
Release Date : 2011-06-28
Experimental Economics Financial Markets Auctions And Decision Making written by Fredrik Nils Andersson and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-06-28 with Business & Economics categories.
Experimental Economics: Financial Markets, Auctions, And Decision Making is based on research presented at the 20th Arne Ryde Symposium on Experimental Economics, held on November 9-11 at Lund University. The volume is divided into two parts. In Part I, interviews with prominent researchers in the field, all invited speakers at the Symposium, are presented. Those interviewed are Peter Bohm, Catherine Eckel, Werner Güth, John Hey, Daniel Kahneman, Alvin Roth, Vernon Smith, and Martin Weber. The interviews address important questions about basic experimental methods and the interpretation of results. In addition, these researchers answer questions relating to their specific fields and to their contributions at the Symposium. They are also asked to single out the most important findings in the field. Part II contains selected contributions from the conference. Topics covered include attitudes towards risk and inequality; pitfalls in experimental economics; analysis of trading-period duration; robustness in learning; video experiments on decision making and fairness; sequential prisoners' dilemmas; and collusion in auctions.
A Collection Of Surveys On Market Experiments
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Author : Charles Noussair
language : en
Publisher: John Wiley & Sons
Release Date : 2013-11-27
A Collection Of Surveys On Market Experiments written by Charles Noussair and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-27 with Business & Economics categories.
Comprised of 10 surveys by leading scholars, this collection showcases the largest and fastest growing strands of research on market behaviour in experimental economics. Covers topics such as asset markets, contests, environmental policy, frictions, general equilibrium, labour markets, multi-unit auctions, oligopoly markets, and prediction markets Focuses on the literature that has helped economists best understand how markets operate Assesses the impact of developments in theory, policy, and research methods
Experimental Auction Procedure
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Author : Jayson Lusk
language : en
Publisher:
Release Date : 2020
Experimental Auction Procedure written by Jayson Lusk and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Despite increased use of experimental auctions, a myriad of different procedures are being employed without formal consideration of how the procedures might affect results. This study investigates the effect of several procedural issues on valuation estimates from experimental auctions. Results indicate the second price auction generates higher valuations than English, Becker--DeGroot--Marschak (BDM), and random nth price auctions, especially in latter bidding rounds, and that random nth price auction yields lower valuations than English and BDM auctions. We find that endowing subjects with a good prior to eliciting bids can have an impact on valuations, but the effect varies across auction mechanism.
Online Experimental Auctions
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Author : Anouar El Haji
language : en
Publisher:
Release Date : 2023
Online Experimental Auctions written by Anouar El Haji and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
For companies, it is essential to obtain information about customers' preferences to successfully market their products and services. Experimental auctions are a promising method for acquiring such information considering that they are incentive compatible and non-hypothetical. Their applicability to solving real-world problems has been limited by the need to conduct these with a representative sample. While most research on experimental auctions relies on laboratory experiments with students as participants, more recently, experimental auctions in the field have become increasingly important. In this paper, we explore a novel way of conducting experimental auctions in the field using online communities of potential consumers. We discuss design challenges and present marketing applications.
Experimental Auctions Vs Real Choice Experiment
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Author : Angelos Lagoudakis
language : en
Publisher:
Release Date : 2019
Experimental Auctions Vs Real Choice Experiment written by Angelos Lagoudakis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Electronic dissertations categories.
Real choice experiments (RCEs) and experimental auctions (EAs) are two non-market valuation methods which have increasingly been used to elicit consumers' preferences and willingness to pay (WTP) for food products. This paper aims to determine whether EAs and RCEs derive different welfare estimates or not and examines their incentive compatibility using data from a U.S. consumer study. We compare the bidding behavior of consumers in three different incentive compatible EAs to the behavior of consumers who made non-hypothetical discrete choices for egg products. We find that the valuations elicited from EAs differ significantly from those obtained from RCEs. Nonetheless, for the goods evaluated, individuals' preference orderings were consistent across elicitation methods. These findings hold relevant implications for the design of real choice experiments and experimental auctions. The practical implications for food retailers are also discussed.