Behavior in second-price auctions by highly experienced eBay buyers and sellers
Tóm tắt
We report on sealed-bid second-price auctions that we conducted on the Internet using subjects with substantial prior experience: they were highly experienced participants in eBay auctions. Unlike the novice bidders in previous (laboratory) experiments, the experienced bidders exhibited no greater tendency to overbid than to underbid. However, even subjects with substantial prior experience tended not to bid their values, suggesting that the non-optimal bidding of novice subjects is robust to substantial experience in non-experimental auctions. We found that auction revenue was not significantly different from the expected revenue the auction would generate if bidders bid their values. Auction efficiency, as measured by the percentage of surplus captured, was substantially lower in our SPAs than in previous laboratory experiments.
Tài liệu tham khảo
Cooper, D., & Kagel, J. (2006). The role of context and team play in cross-game learning (Mimeo).
Coppinger, V., Smith, V., & Titus, J. (1980). Incentives and behavior in English, Dutch, and sealed-bid auctions. Economic Inquiry, 18, 1–22.
Cox, J., Roberson, B., & Smith, V. (1982). Theory and behavior of single object auctions. In V. L. Smith (Ed.), Research in experimental economics (Vol. 2, pp. 1–43). Greenwich: JAI Press.
Garratt, R., Walker, M., & Wooders, J. (2004). Behavior in second-price auctions by highly experienced eBay buyers and sellers (UCSB Working Paper 04-04).
Güth, W., & Ivanova-Stenzel, R. (2003). Asymmetric auctions experiments with(out) commonly known beliefs. Economics Letters, 80, 195–199.
Güth, W., Ivanova-Stenzel, R., & Wolfstetter, E. (2003). Learning to bid—an experimental study of bid function adjustments in auctions and fair division games. Economic Journal, 113, 477–494.
Güth, W., Ivanova-Stenzel, R., & Wolfstetter, E. (2005). Bidding behavior in asymmetric auctions: an experimental study. European Economic Review, 49, 1891–1913.
Harstad, R. (2000). Dominant strategy adoption, efficiency and bidders’ experience with pricing rules. Experimental Economics, 3, 261–280.
Kagel, J., & Levin, D. (1993). Independent private value auctions: bidder behavior in first-, second- and third price auctions with varying numbers of bidders. Economic Journal, 103, 868–879.
Kagel, J., Harstad, R., & Levin, D. (1987). Information impact and allocation rules in auctions with affiliated private values: a laboratory study. Econometrica, 55, 1275–1304.
Kirchkamp, O., & Reiss, P. (2006). Another explanation for overbidding and another bias for underbidding in first price auctions (CRIEFF Discussion Paper 0606).
Mullin, C., & Reiley, D. (2006). Recombinant estimation for normal-form games, with applications to auctions and bargaining. Games and Economic Behavior, 54, 159–182.
Roth, A., & Ockenfels, A. (2002). Last minute bidding and the rules for ending second-price auctions: evidence from eBay and Amazon auctions on the Internet. The American Economic Review, 92, 1093–1103.