Download or read book Three Essays in Auctions and Information Acquisition written by Gabor Virag and published by . This book was released on 2004 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on the Incentives for Information Acquisition and Information Sharing in Competitive Environments written by Huiling Zhang and published by . This book was released on 2015 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: In chapter 4, I extend the analysis of chapter 3 to a first-price auction. I find that a limited-membership information-sharing alliance can lead to Pareto improvements when players' private values take three discrete types. Furthermore, the player outside the alliance benefit strictly more than alliance players from the alliance.

Download or read book Three Essays in Auction and Information written by Tao-yi Joseph Wang and published by . This book was released on 2005 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on All pay Auctions written by Minbo Xu and published by . This book was released on 2013 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dissertation includes three research papers on all-pay auctions. The first paper (Chapter 1) considers an all-pay auction for a product in which there is an option for bidders to guarantee purchases at a seller specified posted price P at any time. We find the symmetric pure-strategy equilibria in the first- and second-price all-pay auctions (also called war of attrition) with a buy-price option. Under these equilibria the buy-price option will affect high-value bidders' behavior, and improve their welfare. At the same time, the seller can select the optimal posted price to collect more revenue, and the Revenue Equivalence Theorem holds as well. The second paper (Chapter 2) conducts empirical analysis on online penny auctions, which are seen as an adaptation of the famous dollar auction and as "the evil stepchild of game theory and behavioral economics." We use the complete bid and bidder history at a website to study if penny auctions can sustain excessive profits over time. The overwhelming majority of new bidders lose money, but they quit quickly. A very small percentage of bidders are experienced and strategically sophisticated, but they earn substantial profits. Our evidence thus suggests that penny auctions cannot sustain excessive profits without attracting a revolving door of new customers who will lose money. The third paper (Chapter 3) proposes a nonparametric estimation approach to empirical analysis of the war of attrition. In order to construct a tractable model, we consider the uncertain competition and derive a structural model with a stochastic number of bidders. We admit the contamination from observables and introduce a deconvolution problem with heteroscedastic errors into the nonparametric approach. By a two-step nonparametric procedure, we can attain a consistent estimator of the distribution of bidders' private values from the observables. Finally, we apply the estimation procedure to field data from penny auctions.

Download or read book Sponsored Search and Sequential Auctions written by Emmanuel Lorenzon and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis is a collection of three essays in theoretical auction analysis. Chapter 1 considersbid delegation in the GSP auction mechanism. In a game involving side-contracts and a compensationpolicy set by an agency, the first-best collusive outcome is achieved. We offer a characterization of the implementablebid profiles for the two-position game with three players. Chapter 2 considers the sequentialsale of an object to two buyers: one knows his private information and the other buyer does not. Buyershave a multi-unit demand and private valuations for each unit are perfectly correlated. An asymmetricequilibrium exists when the uninformed player adopts an aggressive bidding strategy. Conversely, hisinformed opponent behaves more conservatively by using bid shading. The bidding behaviour of theuninformed bidder is driven by the opportunity to learn his private valuation for free. This dynamic is atthe root of the decline in the equilibrium price across both sales. In chapter 3, information is observableduring the first-stage auction in a sequential-move game in which the first-mover bidder is observed byhis opponent. A separating equilibrium exists in which the informed bidder bids aggressively when he isthe first-mover which entails a non-participation strategy from his uninformed competitor. Conversely,the latter adopts a conservative behaviour when he is the first-mover. A pooling equilibrium in which theinformed bidder blurs his valuation can only exist if his uninformed opponent adopts a non-participatingstrategy.

Download or read book Three Essays in Empirical Auctions written by Sudip Gupta and published by . This book was released on 2005 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in the Theory of Auctions written by Jörg Nikutta and published by . This book was released on 2003 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Auctions and Bargaining written by Yumiko Baba and published by . This book was released on 1997 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Auctions and Innovation written by Thomas Giebe and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Auctions and Innovations written by Thomas Giebe and published by . This book was released on 2009 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Auction Markets written by Nicholas James Shunda and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Three Design Issues in Experimental Auctions written by Ji Yong Lee and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this thesis is to investigate three design issues in experimental auctions: 1) the effects of allowing negative bids for a privately valued good, 2) the effects of introducing additional alternatives (substitutes) for the auctioned good in an endowment auction, and 3) respondent behavior in acquiring information. The thesis consists of three papers examining those issues. The first paper examines participants bidding behavior when negative bids are allowed for privately valued goods in an experimental auction. We focus on two questions: i) whether subjects with negative values tend to bid strategically - either overbidding or underbidding in an effort to enhancing earnings, and ii) the performance of random nth and 5th price auctions. We find that: a) WTP bids are demand revealing, b) subjects tend to underbid WTA values, c) controlling for risk attitude partially explains the bias in WTA bids, and d) negative values from random nth auctions tend to be below those from 5th price auctions. In the second paper we 1) investigate the effect of the availability of varying numbers of alternatives (substitutes) for a privately valued good on participants bidding behavior, and 2) identify whether the availability of additional alternatives: a) impacts the value of product information, and b) impacts the effect of new information on product valuations. We find that: a) allowing additional alternatives in a private value auction does not significantly decrease subjects bids, and b) the presence of additional alternatives in the auction decreases both the value and effect of product information. The third paper examines the effect of acquired information on auction participants bidding behavior. We focus on three questions: i) how subjects choose/value different types of information, ii) whether the value of acquired information about a product influences the subsequent valuation of the product itself, and iii) whether the effects of acquired information differ from those of exogenously provided information. We find that: a) subjects behaviors of acquiring different types of information about the product are influenced by their heterogeneous characteristics (i.e. prior beliefs, risk attitudes, prior knowledge, etc.), b) subjects place more weight on acquired information than on provided information in their decision-making process, and c) individual subjects have different values of information which caused different impacts on product valuation.

Download or read book Bidding Behaviour in Multi Unit Auctions written by Rebecca Catherine Elskamp and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis contains three essays on the topic of bidding behaviour in multi-unit auctions. The first essay develops and experimentally tests multi-unit auction theory to identify the effects of "scaling up" multi-unit auction environments on individual bidding behaviour. A uniquely tractable environment is developed that leads to the construction of uniform auctions of different scales, where the prediction is that risk neutral bidders' bids on the last unit they demand are independent of scale. Two main effects were observed in the experimental data. Regardless of scale, bidders were found to bid more aggressively than predicted by the theory. Secondly, small scale effects were observed, as bids were more aggressive in the small scale relative to the larger scale treatment. The theoretical consequences of risk aversion, joy of winning, and anticipated regret are analyzed to explain these deviations from predictions. The second essay provides empirical evidence on how economic agents converge to optimality. Learning direction theory is applied to bidding behaviour from the Ontario dairy quota auction, following a change in pricing rule from uniform to discriminatory. Two dimensions of bidding behaviour are examined at the individual bidder level, bid prices and number of price-quantity bid pairs. Adjustments in bidding behaviour are broadly consistent with the ex-post rationality. Experience acquired under the discriminatory pricing rule is found to have diminishing effects on adjustments made to bidding behaviour, consistent with bidders converging towards optimality. The third essay examines the effect of two simultaneous policy changes, implemented in the Ontario dairy quota auction, to determine whether these changes were successful in achieving performance goals. Results of a series of regression models indicate that these two policy changes had no effect on clearing prices. Rather, these two policy changes were found to significantly reduce revenue from quantity purchased, total quantity transferred and total quantity offered. The combination of a significant reduction in bid prices and individual quantity demanded, paralleled by an increase in individual quantity offered appears to have been the underlying mechanisms, in terms of individual bidding/offering behaviour, through which the these two policies failed to meet performance goals.

Download or read book Essays on Information Acquisition Auction Design and Persuasion written by Xin Zhao and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 1 studies how the composition and voting rule of a decision-making committee affect the incentives for its members to acquire information. Fixing the voting rule, a more polarized committee acquires more information. If a committee designer can choose the committee members and voting rule to maximize her payoff from the collective decision, she forms a heterogeneous committee adopting a unanimous rule, in which one member moderately biased toward one decision serves as the decisive voter, and all others are extremely opposed to the decisive voter and serve as information providers. The decisive voter is not identical to the designer. Chapter 2 studies mechanism design by a seller privately informed of the quality of an indivisible object. The privacy of the seller's information matters for mechanism design: selecting a mechanism that maximizes the seller's profit when her information is public is not incentive compatible for the seller when her information is private, as a lower-quality seller has an incentive to mimic a higher-quality seller. I show that reserve prices are the least costly device to separate higher-quality sellers from lower-quality ones. In equilibria that maximize the expected profit of every type of the seller among all separating equilibria, the lowest-quality seller adopts her public-information optimal mechanism, and each higher-quality seller adopts a mechanism that differs from her public-information optimal mechanism only in that the reserve prices are higher. Chapter 3 studies how a privately informed persuader should persuade a group of listeners if the listeners can imperfectly verify his information at a cost. Should he bring the listeners together and persuade them simultaneously or communicate with them sequentially? The answer depends on the verification costs of the listeners. Simultaneous persuasion outperforms sequential persuasion when it is not very costly for the listeners to verify the persuader's information. The opposite can be true if verifying the persuader's information is very costly. In sequential persuasion, it is optimal for the persuader to first approach the listener who is hardest to persuade. For both persuasion modes, in the persuader-optimal equilibria, the persuader pools extreme private information, and "truthfully reveals" moderate private information.

Download or read book Three Essays on Auctions written by Itzhak Rasooly and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Auctions and Mechanism Design written by Luke Hu and published by . This book was released on 2014-01-28 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Auctions and Contests written by Jun Zhang and published by . This book was released on 2010 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis studies issues in auctions and contests. The seller of an object and the organizer of a contest have many instruments to improve the revenue of the auction or the efficiency of the contest. The three essays in this dissertation shed light on these issues. Chapter 2 investigates how a refund policy affects a buyer's strategic behavior by characterizing the equilibria of a second-price auction with a linear refund policy. I find that a generous refund policy induces buyers to bid aggressively. I also examine the optimal mechanism design problem when buyers only have private initial estimates of their valuations and may privately learn of shocks that affect their valuations later. When all buyers are \emph{ex-ante} symmetric, this optimal selling mechanism can be implemented by a first-price or second-price auction with a refund policy. Chapter 3 investigates how information revelation rules affect the existence and the efficiency of equilibria in two-round elimination contests. I establish that there exists no symmetric separating equilibrium under the full revelation rule and find that the non-existence result is very robust. I then characterize a partially efficient separating equilibrium under the partial revelation rule when players' valuations are uniformly distributed. I finally investigate the no revelation rule and find that it is both most efficient and optimal in maximizing the total efforts from the contestants. Within my framework, more information revelation leads to less efficient outcomes. Chapter 4 analyzes the signaling effect of bidding in a two-round elimination contest. Before the final round, bids in the preliminary round are revealed and act as signals of the contestants' private valuations. Compared to the benchmark model, in which private valuations are revealed automatically before the final round and thus no signaling of bids takes place, I find that strong contestants bluff and weak contestants sandbag. In a separating equilibrium, bids in the preliminary round fully reveal the contestants' private valuations. However, this signaling effect makes the equilibrium bidding strategy in the preliminary round steeper for high valuations and flatter for low valuations compared to the benchmark model.