Naturally Occurring Markets and Exogenous Laboratory Experiments: A Case Study of the Winner's Curse  

Oleh:

Harrison, Glenn W. ; List, John A.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 118 no. 528 (Apr. 2008), page 822.
Topik: Occurring Markets; Exogenous Laboratory Experiments; Theory; Settings
Fulltext: 822.pdf (272.03KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.28 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

We examine the relevance of experimental findings from laboratory settings that abstract from the field context of the task that theory purports to explain. Using common value auction theory as our guide, we identify naturally occurring settings in which one can test the theory. Experienced agents bidding in familiar roles do not fall prey to the winner's curse. Yet, experienced agents fall prey to the winner's curse when bidding in an unfamiliar role. We conclude that the theory predicts field behaviour well when one is able to identify naturally occurring field counterparts to the key theoretical conditions.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali