Experimental internet auctions with random information retrieval

被引：0
|
作者：
Doron Sonsino
Radosveta Ivanova-Stenzel
机构：
[1] The College of Management,The School of Business Administration
[2] Institute for Economic Theory III,Department of economics
来源：
Experimental Economics | 2006年 / 9卷
关键词：
Internet-auctions; observational learning; sampling rules; experiments;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
We run an experiment where 97 subjects could retrieve records of completed past auctions before placing their bids in current one-bid, two-bid, and auction-selection games. Each subject was asked to participate in 3 current auctions; but could retrieve up to 60 records of completed (past) auctions. The results reveal a positive relation between the payoffs earned by the subjects and their history-inspection effort. Subjects act as if responding to the average bidding-ratios of the winners in the samples that they have retrieved. They apply intuitive signal-dependent stopping rules like “sample until observing a winner-value close to my won” or “find a close winner-value and try one more history” when sampling the databases. History-inspection directs bidders with relatively high private-valuations to moderate bidding which increases their realized payoffs. (JEL C9 D4 D8)
引用
收藏
页码：323 / 341
页数：18
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