Regret and information at first price auctions: a study with brazilian decision-makers
نویسندگان
چکیده
منابع مشابه
Regret and Feedback Information in First-Price Sealed-Bid Auctions
We investigate the effect of regret-related feedback information on bidding behavior in sealed-bid first-price auctions. Two types of regret are possible in this auction format. A winner of the auction may regret paying too much relative to the second highest bid, and a loser may regret missing an opportunity to win at a favorable price. In theory, under very general conditions, being sensitive...
متن کاملDynamic Second Price Auctions with Low Regret∗
Dynamic mechanisms are a powerful technique in designing revenue-maximizing repeated auctions. Despite their strength, these types of mechanisms have not been widely adopted in practice for several reasons, e.g., for their complexity, and for their sensitivity to the accuracy of predicting buyers’ value distributions. In this paper, we aim to address these shortcomings and develop simple dynami...
متن کاملBidder collusion at first-price auctions
We show that in simple environments, a bidding ring operating at a firstprice sealed-bid auction cannot achieve any gains relative to non-cooperative bidding if the ring is unable to control the bids that its members submit at the auction. This contrasts with results for the case in which the ring can control its members’ bids or prevent all but one of the ring members from participating in the...
متن کاملAnticipated loser regret in third price auctions
Article history: Received 30 April 2009 Received in revised form 12 January 2010 Accepted 20 January 2010 Available online 1 February 2010 JEL classification: D44 D81
متن کاملA Direct Test of Risk Aversion and Regret in First Price Sealed-Bid Auctions
W do bidders tend to bid higher than the risk-neutral Nash equilibrium in sealed-bid first price auction experiments? The effect of risk aversion has long been offered as a possible explanation. More recently, several studies proposed regret as another explanation, citing strong experimental evidence. But which effect is more important? We design an experiment to separate the effects of risk av...
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ژورنال
عنوان ژورنال: Independent Journal of Management & Production
سال: 2020
ISSN: 2236-269X,2236-269X
DOI: 10.14807/ijmp.v11i5.1276