Rings in Auctions

Autor:: Angelo Artale
Wydawnictwo:: Springer-Verlag GmbH
Liczba stron:: 184
Format:: 233 mm x 155 mm x 10 mm
ISBN-13/EAN:: 9783540619307
ISBN-10:: 3540619305
Rok wydania:: luty 2007 r.
Waga:: 282 g
Realizacja:: ok. 7-10 dni + wysyłka

Rings in Auctions, luty 2007 r. : This book deals with experimental studies in economics. It investigates experimentally collusions in first-price auctions with private values. Since the main aim of the study is to see which mechanisms are used when the subjects may collude, the participants are allowed to communicate as long as they want, before they made their bids, but after they have known their private valuations. Moreover, the winner is allowed to make side payments to losing bidders. The subjects have to invent the mechanism they want to use by themselves. The theoretical possibilities are not explained to them. Four mechanisms have been observed. For each of them, we provide a game theoretical analysis and we compare the data with the theoretical prediction.

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