The Losers Bliss In Auctions With Price Externality
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The Losers Bliss In Auctions With Price Externality
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Author : Ernan Haruvy
language : en
Publisher:
Release Date : 2015
The Losers Bliss In Auctions With Price Externality written by Ernan Haruvy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
We consider auctions with price externality where all bidders derive utility from the winning price, such as charity auctions. In addition to the benefit to the winning bidder, all bidders obtain a benefit that is increasing in the winning price. Theory makes two predictions in such settings: First, individual bids will be increasing in the multiplier on the winning price. Second, individual bids will not depend on the number of other bidders. Empirically, we find no evidence that increasing the multiplier increases individual bids in a systematic way, but we find that increasing the number of bidders does. An analysis of individual bidding functions reveals that bidders underweight the incentives to win and overweight the incentives to lose.
Auctions In Which Losers Set The Price
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Author : Claudio Mezzetti
language : en
Publisher:
Release Date : 2008
Auctions In Which Losers Set The Price written by Claudio Mezzetti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Auction Behavior
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Author : Youxin Hu
language : en
Publisher:
Release Date : 2009
Auction Behavior written by Youxin Hu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Consumer behavior categories.
Abstract: Standard literature on auctions considers isolated markets with bidders that are ex ante identical and independent. My dissertation research considers the behavior of bidders and sellers when they take into account other auctions and bidders' relative roles outside of a given auction. I further extend this investigation through classroom experiments. In the first chapter, I study bidders' optimal strategies under negative externalities (i.e., the auction may incur losses (instead of zero payoffs) to the losing bidders). I construct a model of auction with three bidders. One bidder is special in the sense that if he wins, both of the other bidders will incur a loss; the other two bidders are regular in the sense that as in a traditional auction, if one of them wins, the losing bidders will receive zero payoffs. Intuitively one expects regular bidders to bid more aggressively than normal to avoid the loss. However, I find that in an ascending clock auction, in equilibrium regular bidders bid less aggressively and quit before reaching their private values. This occurs because a regular bidder may have to bid above his value in order to win against the special bidder and thus risks negative profit by bidding aggressively. Since both regular bidders avoid the externality if either wins, there is a free riding incentive. Despite free riding, in most cases the clock auction is ex post efficient However, in first-price sealed bid auctions free riding and aggressive bidding incentives are simultaneous, so ex post efficiency is less frequent. I also conducted classroom experiments which suggest that bidders more often exhibit aggressive bidding rather than free riding in an ascending clock auction; furthermore, I show that in first-price sealed bid auctions, regular bidders bid more aggressively than the special bidder, indicating aggressive bidding incentives dominate free riding incentives. In the second chapter, I construct an auction model in which both number of bidders and sellers' reserve prices are endogenously determined, and estimate the value distribution among eBay bidders. I assume each bidder has a choice of auctions with different reserve prices and other auction specific factors (seller's reputation, shipping cost, auction duration, etc.). I show that in equilibrium, 1) each bidder must be indifferent to entry in any auction, and 2) each seller's reserve price must maximize expected revenue given auction structure and bidder entry behavior, which jointly determines the equilibrium number of bidders in each auction. Few theoretical works have been done to find the positive optimal reserve price when the number of bidder is endogenous. And previous empirical work usually uses observed bids to estimate bidders' value distribution and take sellers' choice (e.g., reserve prices) as exogenous. Based on the equilibrium relationship described above, my model allows estimation of bidders' value distribution not only from observed bids, but also from the number of bidders and reserve prices. To apply this structural estimation method, I use eBay digital camera auction data to estimate bidders' value distribution from bid observations and reserve prices.
Auctions
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Author : Paul Klemperer
language : en
Publisher: Princeton University Press
Release Date : 2018-06-05
Auctions written by Paul Klemperer 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 2018-06-05 with Business & Economics categories.
Governments use them to sell everything from oilfields to pollution permits, and to privatize companies; consumers rely on them to buy baseball tickets and hotel rooms, and economic theorists employ them to explain booms and busts. Auctions make up many of the world's most important markets; and this book describes how auction theory has also become an invaluable tool for understanding economics. Auctions: Theory and Practice provides a non-technical introduction to auction theory, and emphasises its practical application. Although there are many extremely successful auction markets, there have also been some notable fiascos, and Klemperer provides many examples. He discusses the successes and failures of the one-hundred-billion dollar "third-generation" mobile-phone license auctions; he, jointly with Ken Binmore, designed the first of these. Klemperer also demonstrates the surprising power of auction theory to explain seemingly unconnected issues such as the intensity of different forms of industrial competition, the costs of litigation, and even stock trading 'frenzies' and financial crashes. Engagingly written, the book makes the subject exciting not only to economics students but to anyone interested in auctions and their role in economics.
Recent Advances In Experimental Studies Of Social Dilemma Games
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Author : Ananish Chaudhuri
language : en
Publisher: MDPI
Release Date : 2018-09-28
Recent Advances In Experimental Studies Of Social Dilemma Games written by Ananish Chaudhuri and has been published by MDPI this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-28 with Electronic book categories.
This book is a printed edition of the Special Issue "Experimental Studies of Social Dilemma Games" that was published in Games
The Theory Of Taxation For Developing Countries
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Author : David M. G. Newbery
language : en
Publisher: Oxford University Press, USA
Release Date : 1987
The Theory Of Taxation For Developing Countries written by David M. G. Newbery and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with Business & Economics categories.
Written by experts in the field, this book uses the modern theory of public finance to analyze tax and pricing policy in developing countries.
The Long Tail
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Author : Chris Anderson
language : en
Publisher: Hachette Books
Release Date : 2006-07-11
The Long Tail written by Chris Anderson and has been published by Hachette Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-07-11 with Business & Economics categories.
What happens when the bottlenecks that stand between supply and demand in our culture go away and everything becomes available to everyone? "The Long Tail" is a powerful new force in our economy: the rise of the niche. As the cost of reaching consumers drops dramatically, our markets are shifting from a one-size-fits-all model of mass appeal to one of unlimited variety for unique tastes. From supermarket shelves to advertising agencies, the ability to offer vast choice is changing everything, and causing us to rethink where our markets lie and how to get to them. Unlimited selection is revealing truths about what consumers want and how they want to get it, from DVDs at Netflix to songs on iTunes to advertising on Google. However, this is not just a virtue of online marketplaces; it is an example of an entirely new economic model for business, one that is just beginning to show its power. After a century of obsessing over the few products at the head of the demand curve, the new economics of distribution allow us to turn our focus to the many more products in the tail, which collectively can create a new market as big as the one we already know. The Long Tail is really about the economics of abundance. New efficiencies in distribution, manufacturing, and marketing are essentially resetting the definition of what's commercially viable across the board. If the 20th century was about hits, the 21st will be equally about niches.
Intermediate Public Economics Second Edition
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Author : Jean Hindriks
language : en
Publisher: MIT Press
Release Date : 2013-04-05
Intermediate Public Economics Second Edition written by Jean Hindriks and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-05 with Political Science categories.
A new edition of a comprehensive text, updated throughout, with new material on behavioral economics, international taxation, cost-benefit analysis, and the economics of climate policy. Public economics studies how government taxing and spending activities affect the economy—economic efficiency and the distribution of income and wealth. This comprehensive text on public economics covers the core topics of market failure and taxation as well as recent developments in both policy and the academic literature. It is unique not only in its broad scope but in its balance between public finance and public choice and its combination of theory and relevant empirical evidence. The book covers the theory and methodology of public economics; presents a historical and theoretical overview of the public sector; and discusses such topics as departures from efficiency (including imperfect competition and asymmetric information), issues in political economy, equity, taxation, fiscal federalism, and tax competition among independent jurisdictions. Suggestions for further reading, from classic papers to recent research, appear in each chapter, as do exercises. The mathematics has been kept to a minimum without sacrificing intellectual rigor; the book remains analytical rather than discursive. This second edition has been thoroughly updated throughout. It offers new chapters on behavioral economics, limits to redistribution, international taxation, cost-benefit analysis, and the economics of climate policy. Additional exercises have been added and many sections revised in response to advice from readers of the first edition.
Intermediate Microeconomics
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Author : Varian
language : en
Publisher:
Release Date : 2012-05-01
Intermediate Microeconomics written by Varian and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05-01 with categories.
Sustainable Low Carbon City Development In China
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Author : Axel Baeumler
language : en
Publisher: World Bank Publications
Release Date : 2012-04-12
Sustainable Low Carbon City Development In China written by Axel Baeumler and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-04-12 with Business & Economics categories.
This book summarizes experiences from the World Bank s activities related to low-carbon urban development in China. It highlights the need for low-carbon city development and presents details on specific sector-level experiences and lessons, a framework for action, and financing opportunities.