Three Essays in Empirical Auctions - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Three Essays in Empirical Auctions write by Sudip Gupta. This book was released on 2005. Three Essays in Empirical Auctions available in PDF, EPUB and Kindle.
Three Essays on All-pay Auctions
Three Essays on All-pay Auctions - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Three Essays on All-pay Auctions write by Minbo Xu. This book was released on 2013. Three Essays on All-pay Auctions available in PDF, EPUB and Kindle. 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.
Bidding Behaviour in Multi-Unit Auctions
Bidding Behaviour in Multi-Unit Auctions - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Bidding Behaviour in Multi-Unit Auctions write by Rebecca Catherine Elskamp. This book was released on 2016. Bidding Behaviour in Multi-Unit Auctions available in PDF, EPUB and Kindle. 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.
Online Auctions
Online Auctions - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Online Auctions write by Yu Zhang. This book was released on 2010. Online Auctions available in PDF, EPUB and Kindle. This dissertation, which consists of three essays, studies online auctions both theoretically and empirically. The first essay studies a special online auction format used by eBay, "Buy-It- Now" (BIN) auctions, in which bidders are allowed to buy the item at a fixed BIN price set by the seller and end the auction immediately. I construct a two-stage model in which the BIN price is only available to one group of bidders. I find that bidders cutoff is lower in this model, which means, bidders are more likely to accept the BIN option, compared with the models assuming all bidders are offered the BIN. The results explain the high frequency of bidders accepting BIN price, and may also help explain the popularity of temporary BIN auctions in online auction sites, such as eBay, where BIN option is only offered to early bidders. In the second essay, I study how bidders' risk attitude and time preference affect their behavior in Buy-It-Now auctions. I consider two cases, when both bidders enter the auction at the same time (homogenous bidders) thus BIN option is offered to both of them, and when two bidders enter the auction at two different stages (heterogenous bidders) thus the BIN option is only offered to the early bidder. Bidders' optimal strategies are derived explicitly in both cases. In particular, given bidders' risk attitude and time preference, the cutoff valuation, such that a bidder will accept BIN if his valuation is higher than the cutoff valuation and reject it otherwise, is calculated. I find that the cutoff valuation in the case of heterogenous bidders is lower than that in the case of homogenous bidders. The third essay focuses on the empirical modeling of the price processes of online auctions. I generalize the monotone series estimator to model the pooled price processes. Then I apply the model and the estimator to eBay auction data of a palm PDA. The results are shown to capture closely the overall pattern of observed price dynamics. In particular, early bidding, mid-auction draught, and sniping are well approximated by the estimated price curve.
Three Essays in Empirical Industrial Organization
Three Essays in Empirical Industrial Organization - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Three Essays in Empirical Industrial Organization write by Matthew Shum. This book was released on 1998. Three Essays in Empirical Industrial Organization available in PDF, EPUB and Kindle.
