Sequential Auctions Price Trends And Risk Preferences

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Sequential Auctions Price Trends And Risk Preferences

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Author : Audrey Hu
language : en
Publisher:
Release Date : 2014

Sequential Auctions Price Trends And Risk Preferences written by Audrey Hu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.

We analyze sequential Dutch and Vickrey auctions where risk averse, or risk preferring, bidders may have heterogeneous risk exposures. We derive and characterize a pure strategy equilibrium of both auctions for arbitrary number of identical objects. A sufficient, and to certain extent necessary, condition for this result is that bidders' marginal utilities are log-submodular in income and type. We then show that when bidders are risk averse (preferring), the equilibrium price sequences should be downward (upward) drifting, and in each period the conditional expected revenue is higher (lower) in the Dutch than in the Vickrey sequential auctions. In particular, the "declining price anomaly" is perfectly consistent with nonincreasing absolute risk aversion when bidders have exposures to background risk.

Synergies And Price Trends In Sequential Auctions

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Author : Flavio F. Menezes
language : en
Publisher:
Release Date : 1999

Synergies And Price Trends In Sequential Auctions written by Flavio F. Menezes and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Auctions categories.

Sequential Auctions With Supply Uncertainty

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Author : Paul Pezanis-Christou
language : en
Publisher:
Release Date : 1996

Sequential Auctions With Supply Uncertainty written by Paul Pezanis-Christou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Auctions categories.

Budget Constrained Sequential Auctions With Risk Averse Buyers

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Author : Yiu Wing Chan
language : en
Publisher:
Release Date : 2006

Budget Constrained Sequential Auctions With Risk Averse Buyers written by Yiu Wing Chan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Auctions categories.

Algorithmic Game Theory

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Author : Dimitris Fotakis
language : en
Publisher: Springer Nature
Release Date : 2019-09-16

Algorithmic Game Theory written by Dimitris Fotakis and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-16 with Computers categories.

This book constitutes the refereed proceedings of the 12th International Symposium on Algorithmic Game Theory, SAGT 2019, held in Athens, Greece, in September/October 2019. The 25 full papers presented together with 3 invited talks and one abstract paper were carefully reviewed and selected from 55 submissions. The papers are organized in topical sections named: Algorithmic Mechanism Design; Auctions and Markets; Computational Aspects of Games; Network Games and Congestion Games; Social Choice; and Matchings and Fair Division.

Bidding At Sequential First Price Auctions With Out Supply Uncertainty A Laboratory Analysis

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Author : Tibor Neugebauer
language : en
Publisher:
Release Date : 2003

Bidding At Sequential First Price Auctions With Out Supply Uncertainty A Laboratory Analysis written by Tibor Neugebauer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.

Modeling Bidder Risk Preferences To Optimize Pricing

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Author : Robert Zeithammer
language : en
Publisher:
Release Date : 2019

Modeling Bidder Risk Preferences To Optimize Pricing written by Robert Zeithammer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.

Name-your-own-price selling is a tractable laboratory paradigm for studying bidding behavior because it involves only one bidder per transaction. Using data from an incentive-compatible laboratory experiment that implemented a name-your-own-price seller who charges entry fees, we estimate a flexible model of risk preferences at the individual level, and we find substantial population heterogeneity. The behavior of three quarters of our subjects is more consistent with prospect theory than with expected utility theory in that their estimated utility functions are convex in the loss domain. In several counterfactual simulations, we measure the impact of accounting for the heterogeneity in risk preferences on setting entry and reserve prices in three market institutions that involve bidding, including first-price auctions. We find that when the seller cannot discriminate based on risk preferences, prices set using the simpler homogeneous model (that assumes everyone has the same risk preferences) achieve over 99% of the optimal profit. By contrast, a discriminating seller can benefit from using the heterogeneous model in several situations that we characterize as depending on both the institution and the dispersion in the distribution of valuations.

Risk Aversion And The Efficiency Of First And Second Price Auctions

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Author : Steven Matthews
language : en
Publisher:
Release Date : 1979

Risk Aversion And The Efficiency Of First And Second Price Auctions written by Steven Matthews and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Letting of contracts categories.

A Common Value Auction Model Allowing Asymmetrically Informed Bidders Risk Averse Bidders And A Comparison Of Sequential Versus Simultaneous Auctions For Multiple Objects

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Author : Donald B. Hausch
language : en
Publisher:
Release Date : 1985

A Common Value Auction Model Allowing Asymmetrically Informed Bidders Risk Averse Bidders And A Comparison Of Sequential Versus Simultaneous Auctions For Multiple Objects written by Donald B. Hausch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with categories.

A Common Value Auction Allowing Asymmetrically Informed Bidders Risk Averse Bidders And A Comparison Of Sequential Versus Simultaneous Auctions For Multiple Objects

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Author : Donald Bruce Hausch
language : en
Publisher:
Release Date : 1985

A Common Value Auction Allowing Asymmetrically Informed Bidders Risk Averse Bidders And A Comparison Of Sequential Versus Simultaneous Auctions For Multiple Objects written by Donald Bruce Hausch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with categories.