Inducing risk-neutral preferences: Further analysis of the data

DOI10.1007/BF01132731MaRDI QIDQ1908001zbMATH OpenFDO

Authors James C. Cox, Ronald L. Oaxaca

Publication date 4 July 1996

Published in Journal of Risk and Uncertainty (Search for Journal in Brave)

zbMATH Keywords

experimental economicsfirst-price, sealed-bid auctionslottery payoff procedurerisk-neutral bidding behavior

Mathematics Subject Classification ID

Individual preferences (91B08) Statistical methods; economic indices and measures (91B82) Auctions, bargaining, bidding and selling, and other market models (91B26)

Recommendations

• Bidding `as if' risk neutral in experimental first price auctions without information feedback
• Money does not induce risk neutral behavior, but binary lotteries do even worse
• Explaining overbidding in first price auctions using controlled lotteries
• Multi-dimensional reference-dependent preferences in sealed-bid auctions -- how (most) laboratory experiments differ from the field
• Premium auctions and risk preferences: an experimental study

Cites work

• scientific article; zbMATH DE number 3816886 (Why is no real title available?)
• scientific article; zbMATH DE number 4076418 (Why is no real title available?)
• Auction market theory of heterogeneous bidders
• Least absolute deviations estimation for the censored regression model

Cited in

(5)

• Risk-neutral firms can extract unbounded profits from consumers with prospect theory preferences
• Global identification of risk preferences with revealed preference data
• Price formation in double auction markets
• Preference reversals and induced risk preferences: evidence for noisy maximization
• Hidden in plain sight: payoffs, probability, space, and time in isomorphic tasks

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