Collaborative Research: Investigating Bidding Behavior in Sealed Bid Auctions: Regret, Learning, and Risk Aversion

合作研究:调查密封投标拍卖中的投标行为:遗憾、学习和风险规避

基本信息

  • 批准号:
    0338731
  • 负责人:
  • 金额:
    $ 8.4万
  • 依托单位:
  • 依托单位国家:
    美国
  • 项目类别:
    Standard Grant
  • 财政年份:
    2004
  • 资助国家:
    美国
  • 起止时间:
    2004-04-01 至 2006-03-31
  • 项目状态:
    已结题

项目摘要

Over the past two decades auction theory has been used extensively to help design real world auctions and exchanges. Examples of these new auctions include the FCC auctions for spectrum licenses, electric power auctions, auctions for transportation services, and different types of procurement auctions. These mechanisms are complex, and designers must make decisions about many aspects of auction rules that are likely to have a profound effect on the auction's efficiency, the sellers' revenue and the buyers' profits. Good auction theory is essential if we are to design good auction mechanisms, yet there are important instances in which observed behavior in auctions differs from what would be expected based on auction theory. One important example of this is overbidding (i.e., bidding above the Risk Neutral Nash Equilibrium) observed in Sealed Bid First Price (SBFP) auctions. This result has been replicated many times by different researchers at different laboratories and in a variety of environments, but the reason for overbidding has never been fully understood. Engelbrecht-Wiggans (1989) suggests that participants may overbid in these auctions to avoid feelings of regret. Although the theory of regret has been used to explain some well-known anomalies in expected utility theory, this notion has never been applied to auctions prior to Engelbrecht-Wiggans (1989), and has never been tested in the auction context. The aim of our research is to systematically test the Engelbrecht-Wiggans (1989) theory of regret in auctions in the laboratory, with the specific objective of separating the role of regret from that of risk aversion. As we gain a better understanding of behavior in SBFP auctions, we will also extend and refine the theory to incorporate our new insights and to explain other puzzles involving auctions.
在过去的二十年里,拍卖理论被广泛地用于帮助设计真实的世界拍卖和交易。这些新拍卖的示例包括FCC频谱许可证拍卖、电力拍卖、运输服务拍卖以及不同类型的采购拍卖。 这些机制是复杂的,设计者必须对拍卖规则的许多方面做出决定,这些方面可能对拍卖的效率、卖方的收入和买方的利润产生深远的影响。好的拍卖理论是必不可少的,如果我们要设计好的拍卖机制,但有一些重要的情况下,观察到的行为在拍卖不同于预期的基础上拍卖理论。 这方面的一个重要例子是出价过高(即,投标高于风险中性纳什均衡)观察密封投标第一价格(SBFP)拍卖。不同的研究人员在不同的实验室和不同的环境中多次重复了这一结果,但出价过高的原因从未被完全理解。Engelbrecht-Wiggans(1989)认为,参与者可能会在这些拍卖中出价过高,以避免后悔的感觉。 虽然后悔理论被用来解释预期效用理论中一些著名的反常现象,但在恩格尔布雷希特-威根(Engelbrecht-Wiggans,1989)之前,这一概念从未被应用于拍卖,也从未在拍卖背景下得到过检验。 我们的研究目的是在实验室系统地检验Engelbrecht-Wiggans(1989)的拍卖后悔理论,具体目标是将后悔的作用与风险规避的作用分开。 随着我们对SBFP拍卖中的行为有了更好的理解,我们还将扩展和完善该理论,以纳入我们的新见解,并解释涉及拍卖的其他难题。

项目成果

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Elena Katok其他文献

Push, Pull, or Both?: A Behavioral Study of Inventory Risk on Channel Efficiency
推、拉还是两者兼而有之?:库存风险对渠道效率的行为研究
  • DOI:
    10.2139/ssrn.2176816
  • 发表时间:
    2013
  • 期刊:
  • 影响因子:
    0
  • 作者:
    A. M. Davis;Elena Katok;Natalia Santamaría
  • 通讯作者:
    Natalia Santamaría
Implementation by Iterative Dominance and Backward Induction: An Experimental Comparison
通过迭代优势和向后归纳实现:实验比较
  • DOI:
    10.1006/jeth.2001.2832
  • 发表时间:
    2002
  • 期刊:
  • 影响因子:
    0
  • 作者:
    Elena Katok;Martin Sefton;Abdullah Yavas
  • 通讯作者:
    Abdullah Yavas
Reproducibility in Management Science
管理科学的可重复性
  • DOI:
    10.1287/mnsc.2023.03556
  • 发表时间:
    2023
  • 期刊:
  • 影响因子:
    0
  • 作者:
    Miloš Fišar;Ben Greiner;Christoph Huber;Elena Katok;Ali Ozkes
  • 通讯作者:
    Ali Ozkes
Bridging the Trust Gap in Electronic Markets A Strategic Framework for Empirical Study
弥合电子市场的信任差距实证研究的战略框架
  • DOI:
    10.1007/0-387-23392-x_7
  • 发表时间:
    2005
  • 期刊:
  • 影响因子:
    0
  • 作者:
    Gary E. Bolton;Elena Katok;Axel Ockenfels
  • 通讯作者:
    Axel Ockenfels
Failures in the communication of risk: Decisions and numeracy
风险沟通失败:决策和计算能力

Elena Katok的其他文献

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{{ truncateString('Elena Katok', 18)}}的其他基金

Doctoral Dissertation Research in DRMS: Integrating Managerial Insight and Optimal Algorithms
DRMS 博士论文研究:整合管理洞察力和最优算法
  • 批准号:
    1729837
  • 财政年份:
    2017
  • 资助金额:
    $ 8.4万
  • 项目类别:
    Standard Grant
Theoretical and Laboratory Investigation of Buyer-Determined Procurement Auctions
买方决定采购拍卖的理论和实验室研究
  • 批准号:
    1243160
  • 财政年份:
    2012
  • 资助金额:
    $ 8.4万
  • 项目类别:
    Standard Grant
Doctoral Dissertation Research in DRMS: Service-Level Agreements and Supply Chain Coordination
DRMS 博士论文研究:服务级别协议和供应链协调
  • 批准号:
    0962179
  • 财政年份:
    2010
  • 资助金额:
    $ 8.4万
  • 项目类别:
    Standard Grant
Theoretical and Laboratory Investigation of Buyer-Determined Procurement Auctions
买方决定采购拍卖的理论和实验室研究
  • 批准号:
    0849054
  • 财政年份:
    2009
  • 资助金额:
    $ 8.4万
  • 项目类别:
    Standard Grant
Collaborative Research: Procurement Mechanism Design
合作研究:采购机制设计
  • 批准号:
    0620209
  • 财政年份:
    2006
  • 资助金额:
    $ 8.4万
  • 项目类别:
    Standard Grant
Doctoral Dissertation Research: Can Efficient Learning Mitigate the Bullwhip Effect?
博士论文研究:高效学习能否减轻牛鞭效应?
  • 批准号:
    0412900
  • 财政年份:
    2004
  • 资助金额:
    $ 8.4万
  • 项目类别:
    Standard Grant
Collaborative Research: Behavioral Causes of Information Distortion in Supply Chains
合作研究:供应链中信息失真的行为原因
  • 批准号:
    0214337
  • 财政年份:
    2002
  • 资助金额:
    $ 8.4万
  • 项目类别:
    Standard Grant
SBIR Phase I: UNiCAP--Universal Combinatorual Auction Platform
SBIR第一期:UNiCAP--通用组合拍卖平台
  • 批准号:
    0128588
  • 财政年份:
    2002
  • 资助金额:
    $ 8.4万
  • 项目类别:
    Standard Grant

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