Do practice rounds affect experimental auction results? |
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| Authors: | Jay R Corrigan Matthew C Rousu Dinah Pura T Depositario |
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| Institution: | 1. Department of Economics, Kenyon College, Gambier, OH 43022, United States;2. Department of Economics, Susquehanna University, Selinsgrove, PA 17870, United States;3. Department of Agribusiness Management and Entrepreneurship, College of Economics and Management, University of the Philippines Los Baños, College, Laguna 4031, Philippines |
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| Abstract: | Researchers use practice rounds to familiarize participants with experimental auction mechanisms. We find a positive correlation between practice bids and bids submitted in later rounds. We consider three explanations for this correlation: a behavioral anchoring effect, a tendency for some auction participants to be more free-spending, and misconception of the experimental auction’s demand revealing qualities. |
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| Keywords: | C9 Q1 |
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