期刊
THEORY AND DECISION
卷 81, 期 4, 页码 511-534出版社
SPRINGER
DOI: 10.1007/s11238-016-9546-z
关键词
Bounded rationality; Multi-unit auction; Procurement; Reverse Dutch auction
资金
- German Research Foundation (DFG) through the Gottfried Wilhelm Leibniz Prize
- German Research Foundation (DFG) through the Research Unit Design Behavior [FOR 1371]
In this article we experimentally investigate reverse multi-unit Dutch auctions in which bidders compete to sell their single unit to a buyer who wants to purchase several objects. Our study yields three insights: (i) bids are substantially higher than Nash equilibrium bids predicted by standard economic theory; (ii) these higher-than-predicted prices gradually decline in later periods; and (iii) bid pooling (or simultaneous bidding) is frequently observed-the majority of bidders submit their bids immediately after the first bidder has sold his unit. A model that distinguishes between myopic and sophisticated bidding strategies helps to organize these patterns both on the aggregate and on the individual level.
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