Read Online Common Value Auctions and the Winner’s Curse For Free

Common Value Auctions and the Winner's Curse

Common Value Auctions and the Winner’s Curse

Authors : John H. Kagel, Dan Levin
Publisher : Princeton University Press
Publication Date : 2009-04-11
ISBN-13 : 9781400830138
ISBN-10 : 1400830133
Page : 424 Pages
User Reviews :
Bestsellers Rank :
Categories : Business & Economics
Language : en

Read Online Common Value Auctions and the Winner's Curse FreeDownload Ebook Common Value Auctions and the Winner's Curse Free


Descriptions Common Value Auctions and the Winner’s Curse

An invaluable account of how auctions work—and how to make them work

Few forms of market exchange intrigue economists as do auctions, whose theoretical and practical implications are enormous. John Kagel and Dan Levin, complementing their own distinguished research with papers written with other specialists, provide a new focus on common value auctions and the “winner’s curse.” In such auctions the value of each item is about the same to all bidders, but different bidders have different information about the underlying value. Virtually all auctions have a common value element; among the burgeoning modern-day examples are those organized by Internet companies such as eBay. Winners end up cursing when they realize that they won because their estimates were overly optimistic, which led them to bid too much and lose money as a result.

The authors first unveil a fresh survey of experimental data on the winner’s curse. Melding theory with the econometric analysis of field data, they assess the design of government auctions, such as the spectrum rights (air wave) auctions that continue to be conducted around the world. The remaining chapters gauge the impact on sellers’ revenue of the type of auction used and of inside information, show how bidders learn to avoid the winner’s curse, and present comparisons of sophisticated bidders with college sophomores, the usual guinea pigs used in laboratory experiments. Appendixes refine theoretical arguments and, in some cases, present entirely new data. This book is an invaluable, impeccably up-to-date resource on how auctions work–and how to make them work.


ATTENTION ! This website only displays information about book reviews.

Please read more here : DMCA Notice


SOURCE Common Value Auctions and the Winner’s Curse : Wikipedia


Related Books


    Economic Choice Theory
    The Handbook of Experimental Economics, Volume 2
    The Handbook of Experimental Economics

Comments closed.