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We examine theoretically and experimentally two countervailing effects of industry concentration in common value auctions.
Greater concentration of information among fewer bidders reduces competition but increases the precision of private estimates.
We demonstrate that this generally leads to more aggressive bidding. However, the reduction in competition dominates the informational
effects, resulting in lower prices. We examine these hypothesized effects experimentally by conducting a series of auctions
with constant informational content but distributed among a varying number of bidders. The experimental results are consistent
with our theoretical predictions.
The authors would like to thank Octavian Carare, Eric Friedman, Luke Froeb, Ron Harstad, Toshi Iizuka, Mike Rothkopf, Charles
Thomas, and two anonymous referees, for many useful comments and suggestions. 相似文献
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Tibor Besedeš Cary Deck Sarah Quintanar Sudipta Sarangi Mikhail Shor 《Southern economic journal》2014,81(2):294-322
We study how group membership affects behavior both when group members can and cannot interact with each other. Our goal is to isolate the contrasting forces that spring from group membership: a free‐riding incentive leading to reduced effort and a sense of social responsibility that increases effort. In an environment with varying task difficulty and individual decision making as the benchmark, we show that the free‐riding effect is stronger. Group members significantly reduce their effort in situations where they share the outcome but are unable to communicate. When group members share outcomes and can interact, they outperform groups without communication and individuals. We show that these groups do as well as the best constituent member would have done on his or her own. 相似文献
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Eric Friedman Mikhael Shor Scott Shenker Barry Sopher 《Games and Economic Behavior》2004,47(2):325-352
We present the results of an experiment on learning in a continuous-time low-information setting. For a dominance solvable version of a Cournot oligopoly with differentiated products, we find little evidence of convergence to the Nash equilibrium. In an asynchronous setting, characterized by players updating their strategies at different frequencies, play tends toward the Stackelberg outcome which favors the slower player. Convergence is significantly more robust for a “serial cost sharing” game, which satisfies a stronger solution concept of overwhelmed solvability. As the number of players grows, this improved convergence tends to diminish, seemingly driven by frequent and highly structured experimentation by players leading to a cascading effect in which experimentation by one player induces experimentation by others. These results have implications both for traditional oligopoly competition and for a wide variety of strategic situations arising on the Internet. 相似文献
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We consider how information concentration affects a seller’s revenue in common value auctions. The common value is a function of $n$ random variables partitioned among $m \le n$ bidders. For each partition, the seller devises an optimal mechanism. We show that whenever the value function allows scalar sufficient statistics for each player’s signals, the mechanism design problem is well-defined. Additionally, whenever a common regularity condition is satisfied, a coarser partition always reduces revenues. In particular, any merger or collusion among bidders reduces revenue. 相似文献
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Using paper and pencil experiments administered in senior centers, we examine decision-making performance in multi-attribute decision problems. We differentiate the effects of declining cognitive performance and changing cognitive process on decision-making performance of seniors as they age. We find a significant decline in performance with age due to reduced reliance on common heuristics and increased decision-making randomness among our oldest subjects. However, we find that increasing the number of options in a decision problem increases the number of heuristics brought to the task. This challenges the choice overload view that people give up when confronted with too much choice. 相似文献
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