Fertilizing Fool's Gold
نویسندگان
چکیده
منابع مشابه
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How big is the e¤ect of a few fools on market outcomes? We argue that in auctions, even a small share of overbidding behavioral agents have a large e¤ect, because the auction format shesfor the highest-bidding behavioral buyers. Through this shing mechanism, behavioral agents disproportionately increase auction pro ts. They also generate a large welfare loss by crowding out the demand of ra...
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ژورنال
عنوان ژورنال: Science
سال: 2009
ISSN: 0036-8075,1095-9203
DOI: 10.1126/science.326_644b