The impact of the irrelevant: temporary buy-options and bidding behavior in auctions (Q1651850): Difference between revisions
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Property / cites work: Late and multiple bidding in second price Internet auctions: theory and evidence concerning different rules for ending an auction / rank | |||
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Revision as of 01:59, 16 July 2024
scientific article
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English | The impact of the irrelevant: temporary buy-options and bidding behavior in auctions |
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The impact of the irrelevant: temporary buy-options and bidding behavior in auctions (English)
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10 July 2018
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Summary: With a laboratory experiment, we study the impact of buy-options and the corresponding buy-price on revenues and bidding behavior in (online) proxy-auctions with independent private valuations. We show that temporary buy-options may reduce revenues for two reasons: At low buy-prices, the application of the buy-option avoids revenue-enhancing bidding; at high buy-prices, bidders are reluctant to bid above the option price (even though the option is no longer available once an auction has started). The latter suggests a particular type of anchoring, where bidders use the buy-price to update their expectations about the strengths of their opponents.
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buy-options
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online auctions
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experiments
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anchoring
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