Impact Of Valuation Ranking Information On Bidding In First Price Auctions
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Impact Of Valuation Ranking Information On Bidding In First Price Auctions
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Author : A. Alexander Elbittar
language : en
Publisher:
Release Date : 2009
Impact Of Valuation Ranking Information On Bidding In First Price Auctions written by A. Alexander Elbittar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Landsberger et al. (2001) identified optimal bidder behavior in first-price private-value auctions when the ranking of valuations is common knowledge, and derived comparative-statics predictions regarding the auctioneer's expected revenue and the efficiency of the allocation. The experiment reported here tests the behavioral components of these comparative-statics predictions. The results support the prediction that buyers are inclined to bid more aggressively when they learn they have the low value. Contrary to the theory, buyers are inclined to bid less when they learn they have the high value. Once information is revealed, bidders tend to move toward better responses, exploiting new economic opportunities. Consistent with theory, the overall proportion of efficient allocations is lower than in the first-price auction before information is revealed. But as a result of high-value bidders decreasing their bids, the expected revenue does not increase on a regular basis, contrary to the theory's predictions.
Impact Of Valuation Ranking Information On Bidding In First Price Auctions
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Author : A. Alexander Elbittar
language : en
Publisher:
Release Date : 2005
Impact Of Valuation Ranking Information On Bidding In First Price Auctions written by A. Alexander Elbittar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
First Price Auctions When The Ranking Of Valuations Is Common Knowledge
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Author : Michael Landsberger
language : en
Publisher:
Release Date : 2017
First Price Auctions When The Ranking Of Valuations Is Common Knowledge written by Michael Landsberger and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
We consider an augmented version of the symmetric private value auction model with independent types. The augmentation, intended to illustrate reality, concerns information bidders have about their opponents. To the standard assumption that every bidder knows his type and the distribution of types is common knowledge we add the assumption that the ranking of bidders' valuations is common knowledge. This set-up induces a particular asymmetric auction model that raises serious technical difficulties. We prove existence and uniqueness of equilibrium in pure strategies in the two bidder case. We also show that the model generally has no analytic solution. If the distribution of valuations is uniform, both bidders bid pointwise more aggressively relative to the standard symmetric case. However, this property does not apply to all distributions of valuations. Finally, we also provide a numerical solution of equilibrium bid functions for the uniform distribution case.
Common Value Auctions And The Winner S Curse
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Author : John H. Kagel
language : en
Publisher: Princeton University Press
Release Date : 2021-04-13
Common Value Auctions And The Winner S Curse written by John H. Kagel and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-13 with Business & Economics categories.
An invaluable account of how auctions work—and how to make them work Few forms of market exchange intrigue economists as do auctions, whose theoretical and practical implications are enormous. John Kagel and Dan Levin, complementing their own distinguished research with papers written with other specialists, provide a new focus on common value auctions and the "winner's curse." In such auctions the value of each item is about the same to all bidders, but different bidders have different information about the underlying value. Virtually all auctions have a common value element; among the burgeoning modern-day examples are those organized by Internet companies such as eBay. Winners end up cursing when they realize that they won because their estimates were overly optimistic, which led them to bid too much and lose money as a result. The authors first unveil a fresh survey of experimental data on the winner's curse. Melding theory with the econometric analysis of field data, they assess the design of government auctions, such as the spectrum rights (air wave) auctions that continue to be conducted around the world. The remaining chapters gauge the impact on sellers' revenue of the type of auction used and of inside information, show how bidders learn to avoid the winner's curse, and present comparisons of sophisticated bidders with college sophomores, the usual guinea pigs used in laboratory experiments. Appendixes refine theoretical arguments and, in some cases, present entirely new data. This book is an invaluable, impeccably up-to-date resource on how auctions work--and how to make them work.
Panel Data Econometrics
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Author : Mike Tsionas
language : en
Publisher: Academic Press
Release Date : 2019-06-20
Panel Data Econometrics written by Mike Tsionas and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-20 with Business & Economics categories.
Panel Data Econometrics: Empirical Applications introduces econometric modelling. Written by experts from diverse disciplines, the volume uses longitudinal datasets to illuminate applications for a variety of fields, such as banking, financial markets, tourism and transportation, auctions, and experimental economics. Contributors emphasize techniques and applications, and they accompany their explanations with case studies, empirical exercises and supplementary code in R. They also address panel data analysis in the context of productivity and efficiency analysis, where some of the most interesting applications and advancements have recently been made. Provides a vast array of empirical applications useful to practitioners from different application environments Accompanied by extensive case studies and empirical exercises Includes empirical chapters accompanied by supplementary code in R, helping researchers replicate findings Represents an accessible resource for diverse industries, including health, transportation, tourism, economic growth, and banking, where researchers are not always econometrics experts
Auction Theory
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Author : Vijay Krishna
language : en
Publisher: Academic Press
Release Date : 2009-09-28
Auction Theory written by Vijay Krishna and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-09-28 with Business & Economics categories.
Auction Theory, Second Edition improves upon his 2002 bestseller with a new chapter on package and position auctions as well as end-of-chapter questions and chapter notes. Complete proofs and new material about collusion complement Krishna’s ability to reveal the basic facts of each theory in a style that is clear, concise, and easy to follow. With the addition of a solutions manual and other teaching aids, the 2e continues to serve as the doorway to relevant theory for most students doing empirical work on auctions. Focuses on key auction types and serves as the doorway to relevant theory for those doing empirical work on auctions New chapter on combinatorial auctions and new analyses of theory-informed applications New chapter-ending exercises and problems of varying difficulties support and reinforce key points
Best Practices For Online Procurement Auctions
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Author : Parente, Diane H.
language : en
Publisher: IGI Global
Release Date : 2007-12-31
Best Practices For Online Procurement Auctions written by Parente, Diane H. and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-31 with Education categories.
Offers a systematic approach to the examination of online procurement auctions. Growth in online auctions reinforces the need for understanding the factors important in auctions and the caveats that both researchers and practitioners need to know in order to effectively study and use the auction tool.
The Impact Of Resale On 2 Bidder First Price Auctions Where One Bidder S Value Is Commonly Known
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Author : Thomas Tröger
language : en
Publisher:
Release Date : 2004
The Impact Of Resale On 2 Bidder First Price Auctions Where One Bidder S Value Is Commonly Known written by Thomas Tröger and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Adaptive Bidding In Single Sided Auctions Under Uncertainty
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Author : Clemens van Dinther
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-01-10
Adaptive Bidding In Single Sided Auctions Under Uncertainty written by Clemens van Dinther 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 2007-01-10 with Computers categories.
This is one of the first books on the use of software agents to simulate bidding behavior in electronic auctions. It introduces market theory and computational economics together, and gives an overview on the most common and up-to-date agent-based simulation methods. The book will help the reader learn more about simulations in economics in general and common agent-based methods and tools in particular.
Putting Auction Theory To Work
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Author : Paul Milgrom
language : en
Publisher: Cambridge University Press
Release Date : 2004-01-12
Putting Auction Theory To Work written by Paul Milgrom 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 2004-01-12 with Business & Economics categories.
This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.