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Full-Text Articles in Social and Behavioral Sciences
Experimental Development Of Sealed-Bid Auction Theory; Calibrating Controls For Risk Aversion, James C. Cox, Vernon L. Smith, James M. Walker
Experimental Development Of Sealed-Bid Auction Theory; Calibrating Controls For Risk Aversion, James C. Cox, Vernon L. Smith, James M. Walker
ECON Publications
This article offers a brief survey of bidding theory in high price auctions, of experimental studies of behavior in such auctions, and of the interplay between the design and results of the experiments and efforts to further develop the theory. Two new series of experiments are reported. The first applies a convex transformation of payoffs in an attempt to induce a lowering of subject bids "as if" the bidders had become less risk averse. The second applies a method for inducing any prespecified utility function for risky choices on an individual. It is used to induce "as if" risk-neutral behavior. …
Fiscal Problems Of Cities In The Northeast, Roy W. Bahl
Fiscal Problems Of Cities In The Northeast, Roy W. Bahl
ECON Publications
No abstract provided.