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/Author (Ronald Peeters, Martin Strobel, Dries Vermeulen and Markus Walzl)
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/Subject (With a laboratory experiment, we study the impact of buy-options and the corresponding buy-price on revenues and bidding behavior in \(online\) proxy-auctions with independent private valuations. We show that temporary buy-options may reduce revenues for two reasons: At low buy-prices, the application of the buy-option avoids revenue-enhancing bidding; at high buy-prices, bidders are reluctant to bid above the option price \(even though the option is no longer available once an auction has started\). The latter suggests a particular type of anchoring, where bidders use the buy-price to update their expectations about the strengths of their opponents.)
/Title (The Impact of the Irrelevant: Temporary Buy-Options and Bidding Behavior in Auctions)
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Ronald Peeters, Martin Strobel, Dries Vermeulen and Markus Walzl
With a laboratory experiment, we study the impact of buy-options and the corresponding buy-price on revenues and bidding behavior in (online) proxy-auctions with independent private valuations. We show that temporary buy-options may reduce revenues for two reasons: At low buy-prices, the application of the buy-option avoids revenue-enhancing bidding; at high buy-prices, bidders are reluctant to bid above the option price (even though the option is no longer available once an auction has started). The latter suggests a particular type of anchoring, where bidders use the buy-price to update their expectations about the strengths of their opponents.
The Impact of the Irrelevant: Temporary Buy-Options and Bidding Behavior in Auctions
buy-options; online auctions; experiments; anchoring
2016-03-01T11:04:53+08:00
LaTeX with hyperref package
2016-03-01T11:05:25+08:00
2016-03-01T11:05:25+08:00
"buy-options; online auctions; experiments; anchoring"
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