Behavioural and Experimental Economics by Steven N. Durlauf, Lawrence E. Blume (eds.)

By Steven N. Durlauf, Lawrence E. Blume (eds.)

Specially chosen from the recent Palgrave Dictionary of Economics second version, every one article inside this compendium covers the elemental issues in the self-discipline and is written via a number one practitioner within the box. A convenient reference tool.

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Extra info for Behavioural and Experimental Economics

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Independent private value auctions: bidder behavior in first-, second- and third-price auctions with varying numbers of bidders. Economic Journal 103, 868–79. H. and Levin, D. 1999. Common value auctions with insider information. Econometrica 67, 1219–38. H. and Levin, D. 2001. Behavior in multi-unit demand auctions: experiments with uniform price and dynamic Vickrey auctions. Econometrica 69, 413–54. H. and Levin, D. 2002. Bidding in common value auctions: a survey of experimental research. In Common Value Auctions and the Winner’s Curse.

Salmon and Wilson (2008) investigate the Internet practice of second-chance offers to non-winning bidders when selling multiple (identical) items. They compare a twostage game with a second-price auction followed by an ultimatum game between the seller and the second-highest bidder with a sequential English auction. As predicted, the auction-ultimatum game mechanism generates more revenue than the sequential English auction. Multi-unit demand auctions Most of the work on multi-unit demand auctions has been devoted to mechanism design issues, in particular dealing with problems created by complementarities, or synergies, between items.

1991. The winner’s curse: experiments with buyers and with sellers. American Economic Review 81, 335–46. Lucking-Reiley, D. 1999. Using field experiments to test equivalence between auction formats: magic on the internet. American Economic Review 89, 1062–80. Neugebauer, T. and Selten, R. 2006. Individual behavior of first-price auctions: the importance of information feedback in computerized experimental markets. Games and Economic Behavior 54, 183–204. , Roopnarine, A. and Smith, V. 2003. Combinatorial auction design.

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