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Learning by investing: evidence from a naturally occurring auction
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SYSNO ASEP 0358762 Druh ASEP J - Článek v odborném periodiku Zařazení RIV J - Článek v odborném periodiku Poddruh J Článek ve WOS Název Learning by investing: evidence from a naturally occurring auction Tvůrce(i) Hanousek, Jan (NHU-C) RID
Kočenda, Evžen (NHU-C) RIDZdroj.dok. Economics of Transition - ISSN 0967-0750
Roč. 19, č. 1 (2011), s. 125-149Poč.str. 25 s. Jazyk dok. eng - angličtina Země vyd. GB - Velká Británie Klíč. slova learning ; naturally occurring auction ; stock market Vědní obor RIV AH - Ekonomie CEP GA402/09/1595 GA ČR - Grantová agentura ČR LC542 GA MŠMT - Ministerstvo školství, mládeže a tělovýchovy CEZ MSM0021620846 - NHU-C UT WOS 000285154800004 DOI 10.1111/j.1468-0351.2010.00394.x Anotace We test for learning among heterogeneous individuals who are engaged in bidding and who possess limited information about the auctioned assets. We use an extensive dataset taken from an auction through which state-owned enterprises were privatized in the Czech Republic in 1993-94. To test for learning, we develop new measures of individual performance to accommodate the varying prices of assets available in six successive stages of bidding. We present evidence that learning took place among heterogeneous agents during a large-scale multi-stage auction that is unique in terms of its size, incentives and variation. The auction's design, with multiple market periods, allowed agents to learn based on accumulated experience. As individuals had to pay a fee to participate, and as the potential gain was in the magnitude of several months' salary, we conclude that large incentives were driving our results. Pracoviště Národohospodářský ústav - CERGE Kontakt Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Rok sběru 2012
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