Does feedback really matter in one-shot first-price auctions?

0455385 - NHU-C 2016 RIV NL eng J - Článek v odborném periodiku
Katuščák, Peter - Michelucci, Fabio - Zajíček, M.
Does feedback really matter in one-shot first-price auctions?
Journal of Economic Behavior & Organization. Roč. 119, November (2015), s. 139-152. ISSN 0167-2681. E-ISSN 1879-1751
Institucionální podpora: PRVOUK-P23
Klíčová slova: feedback * regret * market design
Kód oboru RIV: AH - Ekonomie
Impakt faktor: 1.374, rok: 2015

Does the type of posterior feedback affect how people decide in one-shot environments? We revisit this question in first-price auction markets. We consider three feedback types: minimal (only knowing whether winning or not), loser (also knowing the winning bid) and winner (knowing the second highest bid if winning). Filiz-Ozbay and Ozbay (2007) find that loser as opposed to minimal or winner feedback increases bids. We use three novel protocols and additionally replicate theirs. Using a sample of 624 subjects, we find that bidders’ ex ante knowledge of posterior feedback type has no systematic effect on the average bid/value ratios.
Trvalý link: http://hdl.handle.net/11104/0256004