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Part 1: Document Description
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Citation |
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Title: |
An Experimental Study of Precautionary Bidding [Dataset] |
Identification Number: |
doi:10.11588/data/10060 |
Distributor: |
heiDATA |
Date of Distribution: |
2015-09-11 |
Version: |
2 |
Bibliographic Citation: |
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] |
Citation |
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Title: |
An Experimental Study of Precautionary Bidding [Dataset] |
Identification Number: |
doi:10.11588/data/10060 |
Authoring Entity: |
Trautmann, Stefan T. (Alfred-Weber-Institute of Economics) |
Kocher, Martin (Alfred-Weber-Institute of Economics) |
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Pahlke, Julius (Alfred-Weber-Institute of Economics) |
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Producer: |
Trautmann, Stefan T. |
Kocher, Martin |
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Pahlke, Julius |
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Date of Production: |
2012 |
Grant Number: |
451-10-023 |
Distributor: |
heiDATA |
Distributor: |
HeiDATA: Heidelberg Research Data Repository |
Access Authority: |
Trautmann, Stefan T. |
Date of Deposit: |
2015-09-10 |
Holdings Information: |
https://doi.org/10.11588/data/10060 |
Study Scope |
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Keywords: |
Social Sciences, precautionary bidding, prudence, auction, experiment |
Topic Classification: |
C91, D44, D81 |
Abstract: |
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. |
Country: |
Germany |
Methodology and Processing |
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Sources Statement |
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Data Access |
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Other Study Description Materials |
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Related Publications |
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Citation |
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Title: |
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 |
Bibliographic Citation: |
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 |
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