Premium auctions and risk preferences: an experimental study

DOI10.1016/J.GEB.2014.06.002MaRDI QIDQ485800zbMATH OpenOpenAlexFDO

Authors Christoph Brunner, Audrey Hu, Jörg Oechssler

Publication date 14 January 2015

Published in Games and Economic Behavior (Search for Journal in Brave)

Full work available at URL http://archiv.ub.uni-heidelberg.de/volltextserver/14880/1/Brunner_Hu_Oechssler_2013_dp544.pdf

zbMATH Keywords

experimental economicsHolt-Laury methodpremium auctionrisk preference

Mathematics Subject Classification ID

Experimental studies (91A90) Auctions, bargaining, bidding and selling, and other market models (91B26)

Recommendations

• Premium auctions and risk preferences
• Auctioning risk: the all-pay auction under mean-variance preferences
• Risk aversion and optimal reserve prices in first- and second-price auctions
• Identification of time and risk preferences in buy price auctions
• Testing for risk aversion in first-price sealed-bid auctions
• The role of varying risk attitudes in an auction with a buyout option
• Optimal auctions: non-expected utility and constant risk aversion
• Risk aversion in first price auctions with common values
• Sequential auctions, price trends, and risk preferences

Cites work

• Auction market theory of heterogeneous bidders
• Monotone Comparative Statics
• Notes and Comments the Amsterdam Auction
• Premium auctions and risk preferences
• Risk aversion and optimal reserve prices in first- and second-price auctions
• Robust Mechanism Design
• Single Crossing Properties and the Existence of Pure Strategy Equilibria in Games of Incomplete Information
• Uniqueness of equilibrium in sealed high-bid auctions.

Cited in

(8)

• Revenue implications of strategic and external auction risk
• Revisiting risk aversion: can risk preferences change with experience?
• Inducing risk-neutral preferences: Further analysis of the data
• Premium auctions in the field
• Effects of risk aversion on all-pay auction with reimbursement
• Revenue-superior variants of the second-price auction
• Experiments on auctions with random prizes and EU/non-EU bidders
• Premium auctions and risk preferences

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Uses Software

• Z-Tree
• ORSEE

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