the impact of the irrelevant: temporary buy-options and bidding behavior in auctions
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2016
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Abstract
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.
| Reference Key |
peeters2016gamesthe
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|---|---|
| Authors | ;Ronald Peeters;Martin Strobel;Dries Vermeulen;Markus Walzl |
| Journal | journal of macromolecular science, part c |
| Year | 2016 |
| DOI |
10.3390/g7010008
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| URL | |
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