Number of the records: 1
Learning by investing: evidence from a naturally occurring auction
- 1.
SYSNO ASEP 0358762 Document Type J - Journal Article R&D Document Type Journal Article Subsidiary J Článek ve WOS Title Learning by investing: evidence from a naturally occurring auction Author(s) Hanousek, Jan (NHU-C) RID
Kočenda, Evžen (NHU-C) RIDSource Title Economics of Transition - ISSN 0967-0750
Roč. 19, č. 1 (2011), s. 125-149Number of pages 25 s. Language eng - English Country GB - United Kingdom Keywords learning ; naturally occurring auction ; stock market Subject RIV AH - Economics R&D Projects GA402/09/1595 GA ČR - Czech Science Foundation (CSF) LC542 GA MŠMT - Ministry of Education, Youth and Sports (MEYS) CEZ MSM0021620846 - NHU-C UT WOS 000285154800004 DOI 10.1111/j.1468-0351.2010.00394.x Annotation 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. Workplace Economics Institute - CERGE Contact Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Year of Publishing 2012
Number of the records: 1