An Experimental Study of Precautionary Bidding [Dataset] (doi:10.11588/data/10060)

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Part 2: Study Description
Part 3: Data Files Description
Part 4: Variable Description
Part 5: Other Study-Related Materials
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An Experimental Study of Precautionary Bidding [Dataset]

doi:10.11588/data/10060

heiDATA

2015-09-11

2

Trautmann, Stefan T.; Kocher, Martin; Pahlke, Julius, 2015, "An Experimental Study of Precautionary Bidding [Dataset]", https://doi.org/10.11588/data/10060, heiDATA, V2, UNF:5:RnlzAG0nN9/oXQdIQt8fdA== [fileUNF]

An Experimental Study of Precautionary Bidding [Dataset]

doi:10.11588/data/10060

Trautmann, Stefan T. (Alfred-Weber-Institute of Economics)

Kocher, Martin (Alfred-Weber-Institute of Economics)

Pahlke, Julius (Alfred-Weber-Institute of Economics)

Trautmann, Stefan T.

Kocher, Martin

Pahlke, Julius

2012

451-10-023

heiDATA

HeiDATA: Heidelberg Research Data Repository

Trautmann, Stefan T.

2015-09-10

https://doi.org/10.11588/data/10060

Social Sciences, precautionary bidding, prudence, auction, experiment

C91, D44, D81

Auctions often involve goods exhibiting a common-knowledge ex-post risk. In such auctions, precautionary bidding predicts that under expected utility, DARA bidders reduce their bids by more than the appropriate risk premium. Because the degree of riskiness of an auctioned good and bidders’ levels of risk aversion are difficult to observe in field settings, we conduct experimental auctions that allow us to identify the precautionary premium directly. We find strong evidence for precautionary bidding. The effect is robust to changes in experimental design features. Our experiment provides the first empirical demonstration of precautionary motives in a strategic setting.

Germany

Kocher, M., J. Pahlke, and S.T. Trautmann (2015). An Experimental Study of Precautionary Bidding. European Economic Review 78, 27-38. http://dx.doi.org/10.1016/j.euroecorev.2015.04.009

Kocher, M., J. Pahlke, and S.T. Trautmann (2015). An Experimental Study of Precautionary Bidding. European Economic Review 78, 27-38. http://dx.doi.org/10.1016/j.euroecorev.2015.04.009

• Number of cases: 150

• No. of variables per record: 123

• Type of File: text/tab-separated-values

UNF:5:RnlzAG0nN9/oXQdIQt8fdA==

• choicelist - Choice List
• id - ID
• session - Session
• subject - Subject
• ce_lottery1
• ce_lottery2
• ce_lottery3
• ce_lottery4
• ce_lottery5
• ce_lottery6
• ce_lottery7
• ce_lottery8
• ce_lottery9
• ce_lottery10
• ce_lottery11
• risk_rank1
• risk_rank2
• risk_rank3
• risk_rank4
• risk_rank5
• risk_rank6
• risk_rank7
• risk_rank8
• risk_rank9
• risk_rank10
• risk_rank11
• risk_sum
• final_risk_rank
• rank1
• group_1
• private_value_1
• bid_1
• rank2
• group_2
• private_value_2
• bid_2
• rank3
• group_3
• private_value_3
• bid_3
• rank4
• group_4
• private_value_4
• bid_4
• rank5
• group_5
• private_value_5
• bid_5
• rank6
• group_6
• private_value_6
• bid_6
• rank7
• group_7
• private_value_7
• bid_7
• rank8
• group_8
• private_value_8
• bid_8
• rank9
• group_9
• private_value_9
• bid_9
• rank10
• group_10
• private_value_10
• bid_10
• rank11
• group_11
• private_value_11
• bid_11
• rank12
• group_12
• private_value_12
• bid_12
• group_part3
• rolle_part3
• private_value_13
• bid_13
• private_value_14
• bid_14
• private_value_15
• bid_15
• private_value_16
• bid_16
• private_value_17
• bid_17
• private_value_18
• bid_18
• private_value_19
• bid_19
• private_value_20
• bid_20
• private_value_21
• bid_21
• private_value_22
• bid_22
• private_value_23
• bid_23
• private_value_24
• bid_24
• gender
• age
• study
• stimmung1
• stimmung2
• frequency
• kennen
• risk_estimate
• loss_decision1
• loss_decision2
• loss_decision3
• loss_decision4
• loss_decision5
• loss_decision6
• pay_1
• pay_2
• pay_3
• pay_4
• pay_5
• pay_6
• total_loss_pay

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