| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16360 |
| 来源ID | Working Paper 16360 |
| Auctions with Resale When Private Values Are Uncertain: Evidence from the Lab and Field | |
| Andreas Lange; John A. List; Michael K. Price | |
| 发表日期 | 2010-09-16 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Auction theory represents one of the richest areas of research in economics over the past three decades. Yet, whether, and to what extent, the introduction of secondary resale markets influences bidding behavior in sealed bid first-price auctions remains under researched. This study begins by examining field data from a unique data set that includes nearly 3,000 auctions (over 10,000 individual bids) for cutting rights of standing timber in British Columbia from 1996-2000. In comparing bidding patterns across agents who are likely to have resale opportunities with those who likely do not, we find evidence that is consistent with theory. Critical evaluation of the reduced-form bidding model, however, reveals that sharp tests of the theoretical predictions are not possible because several other differences may exist across these bidder types. We therefore use a laboratory experiment to examine if the resale opportunity by itself can have the predicted theoretical effect. We find that while it does have the predicted effect, a theoretical model based on risk-averse bidders explains the overall data patterns more accurately than a model based on risk-neutral bidders. Beyond testing theory, the paper highlights the inferential power of combining naturally occurring data with laboratory data. |
| 主题 | Econometrics ; Experimental Design ; Microeconomics ; Behavioral Economics ; Market Structure and Distribution |
| URL | https://www.nber.org/papers/w16360 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574035 |
| 推荐引用方式 GB/T 7714 | Andreas Lange,John A. List,Michael K. Price. Auctions with Resale When Private Values Are Uncertain: Evidence from the Lab and Field. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16360.pdf（329KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
