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Common Value Auctions and the Winner's Curse
Dan Levin, John H. Kagel
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Sachbuch / Geld, Bank, Börse
Beschreibung
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.
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Dummy variable (statistics), Market impact, Economic rent, Error term, Real versus nominal value (economics), Preference (economics), Cash Bonus, Expected value, Risk premium, Reseller, Auction, Opportunity cost, Average Price, Economic indicator, Discount function, Nash equilibrium, Price discrimination, Dutch auction, Auction Market, Bankruptcy, Call for bids, Current Price, Risk aversion, Unrealized Gain, Bribery, Investor, Information asymmetry, Censoring (statistics), Economics, Likelihood-ratio test, Market maker, Vickrey auction, Limited liability, Competition law, Expected loss, Commodity, Total cost, Market value, Bidding, Expense, English auction, Investment, Nuisance parameter, Test market, Market price, Market mechanism, Recession, Spectrum auction, Bargaining power, Discounting, Winner's curse, Auction theory, Trade-off, Externality, Marginal cost, Bid bond, Collusion, Selection bias, Rate of return, Option value (cost–benefit analysis), Bayesian, Common value auction, Bid price, Bias of an estimator, Tax, Bargaining, Information economics, Revenue, Accounting rate of return, Royalty payment