Does the type of posterior feedback affect how people decide in one-shot environments? We revisit this question in first-price auction markets. We consider three feedback types: minimal (only knowing whether winning or not), loser (also knowing the winning bid) and winner (knowing the second highest bid if winning). Filiz-Ozbay and Ozbay (2007) find that loser as opposed to minimal or winner feedback increases bids. We use three novel protocols and additionally replicate theirs. Using a sample of 624 subjects, we find that bidders' ex ante knowledge of posterior feedback type has no systematic effect on the average bid/value ratios.
|Data di pubblicazione:||2015|
|Titolo:||Does feedback really matter in one-shot first-price auctions?|
|Rivista:||JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION|
|Digital Object Identifier (DOI):||http://dx.doi.org/10.1016/j.jebo.2015.08.002|
|Appare nelle tipologie:||2.1 Articolo su rivista |