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Common Value Auctions and the Winner's Curse
John H. Kagel
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Description for Common Value Auctions and the Winner's Curse
Hardcover. Few forms of market exchange intrigue economists as do auctions, whose theoretical and practical implications are enormous. Complementing their own research with papers written with other specialists, the authors provide a focus on common value auctions and the 'winner's curse.' Num Pages: 424 pages, 79 tables. 27 line illus. BIC Classification: KC; KNPR. Category: (P) Professional & Vocational; (U) Tertiary Education (US: College). Dimension: 229 x 152 x 26. Weight in Grams: 799.
Few forms of market exchange intrigue economists as do auctions, whose theoretical and practical implications are enormous. John Kagel and Dan Levin, complementing their own distinguished research with papers written with other specialists, provide a new focus on common value auctions and the "winner's curse." In such auctions the value of each item is about the same to all bidders, but different bidders have different information about the underlying value. Virtually all auctions have a common value element; among the burgeoning modern-day examples are those organized by Internet companies such as eBay. Winners end up cursing when they realize that ... Read more
Few forms of market exchange intrigue economists as do auctions, whose theoretical and practical implications are enormous. John Kagel and Dan Levin, complementing their own distinguished research with papers written with other specialists, provide a new focus on common value auctions and the "winner's curse." In such auctions the value of each item is about the same to all bidders, but different bidders have different information about the underlying value. Virtually all auctions have a common value element; among the burgeoning modern-day examples are those organized by Internet companies such as eBay. Winners end up cursing when they realize that ... Read more
Product Details
Format
Hardback
Publication date
2002
Publisher
Princeton University Press New Jersey
Number of pages
420
Condition
New
Number of Pages
424
Place of Publication
New Jersey, United States
ISBN
9780691016672
SKU
V9780691016672
Shipping Time
Usually ships in 7 to 11 working days
Ref
99-1
About John H. Kagel
John H. Kagel is University Chaired Professor of Economics at Ohio State University. A leading economic theorist, he is coeditor of, and a contributor to, "The Handbook of Experimental Economics" (Princeton). Dan Levin is Professor of Economics and Joan Huber Fellow at Ohio State University. He has published numerous articles on competitive bidding and industrial organization in leading economic journals. ... Read more
Reviews for Common Value Auctions and the Winner's Curse
"This book shows that the kind of winner's curse at issue is pervasive across various types of auctions and is not eliminated by experience or even by using expert bidders. One of its main contributions is the specification of naïve bidding models that explain patterns of deviations from (Nash) theoretical predictions. The ex post perspectives about how to improve experimental ... Read more