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Common Value Auctions and the Winner's Curse (Paperback)
Loot Price: R1,522
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Common Value Auctions and the Winner's Curse (Paperback)
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An invaluable account of how auctions work-and how to make them
work 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 they won because their estimates
were overly optimistic, which led them to bid too much and lose
money as a result. The authors first unveil a fresh survey of
experimental data on the winner's curse. Melding theory with the
econometric analysis of field data, they assess the design of
government auctions, such as the spectrum rights (air wave)
auctions that continue to be conducted around the world. The
remaining chapters gauge the impact on sellers' revenue of the type
of auction used and of inside information, show how bidders learn
to avoid the winner's curse, and present comparisons of
sophisticated bidders with college sophomores, the usual guinea
pigs used in laboratory experiments. Appendixes refine theoretical
arguments and, in some cases, present entirely new data. This book
is an invaluable, impeccably up-to-date resource on how auctions
work--and how to make them work.
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