на главную поиск contacts

Rewards, experience and decision costs in first price auctions

Опубликовано на портале: 27-02-2004
Economic Inquiry. 1993.  Vol. 31. No. 2. P. 237-246. 
The impact of substantial increases in the size of expected laboratory payoffs on subjects' behavior is examined. Consistent with a model of asymmetric risk aversion, subjects in first price auctions consistently bid above the risk-neutral Nash prediction. It has been argued that this is due to low opportunity cost of deviating from the risk-neutral bid. The opportunity cost and payoff levels are increased by factors of zero, one, 5, 10, and 20 from the normal levels generating payoffs up to $250 for risk-neutral subjects. An insignificant increase in the slope of individual bid functions is observed. Only 4 of 154 subject observations are consistent with risk-preferring behavior. After controlling for experience the observations across individual subjects show that: 1. individuals bid higher (more risk averse) as the payoff conversion rate increases, and 2. decision error declines as the payoff conversion rate increases.
Ключевые слова

См. также:
Howard Waitzkin
Journal of Health and Social Behavior. 1985.  Vol. 26. No. 2. P. 81-101. 
Lutz Kruschwitz, Dorothea Schafer, Mike Schwake
Анастасия Андреевна Шаститко
Общественные науки и современность. 2017.  № 2. С. 132–141. 
Frank Heineman Knight
THESIS: теория и история экономических и социальных институтов и систем. 1994.  № 5. С. 12-28. 
Василий Николаевич Якимкин
Игорь Сергеевич Пыжев, Д. Я. Новгородцев
TERRA ECONOMICUS. 2009.  Т. 7. № 2. С. 50-64.