scholarly journals Testing for risk aversion in first-price sealed-bid auctions

2021 ◽  
Author(s):  
Sung Jae Jun ◽  
Federico Zincenko
Keyword(s):  
Risk Aversion ◽  
Sealed Bid ◽  
Sealed Bid Auctions

A Direct Test of Risk Aversion and Regret in First Price Sealed-Bid Auctions

2009 ◽  
Vol 6 (2) ◽  
pp. 75-86 ◽  
Author(s):  
Richard Engelbrecht-Wiggans ◽  
Elena Katok
Keyword(s):  
Risk Aversion ◽  
Direct Test ◽  
Sealed Bid ◽  
Sealed Bid Auctions

scholarly journals RISK AVERSION AND OVERBIDDING IN FIRST PRICE SEALED BID AUCTIONS: NEW EXPERIMENTAL EVIDENCE

2018 ◽  
Vol 57 (1) ◽  
pp. 631-647
Author(s):  
Sascha Füllbrunn ◽  
Dirk-Jan Janssen ◽  
Utz Weitzel
Keyword(s):  
Risk Aversion ◽  
Experimental Evidence ◽  
Sealed Bid ◽  
Sealed Bid Auctions

scholarly journals Expected Revenue from Open and Sealed Bid Auctions

1989 ◽  
Vol 3 (3) ◽  
pp. 41-50 ◽  
Author(s):  
John G Riley
Keyword(s):  
Risk Aversion ◽  
Revenue Equivalence ◽  
Sealed Bid ◽  
Two Factors ◽  
Expected Revenue ◽  
Sealed Bid Auctions ◽  
Open Question

The first objective of this paper has been to explain why it is that expected seller revenue is the same under very different auction rules. The second objective has been to explain why revenue equivalence no longer holds once the central assumptions of risk aversion and independence of beliefs are modified. The effect of risk aversion is to make a sealed high bid auction more attractive from a seller's viewpoint. The effect of correlated beliefs is to favor open bidding. Which of the two factors dominates under plausible assumptions about risk aversion parameters and about the degree to which beliefs are correlated remains an important open question.

Bidding behavior in first price sealed bid auctions

1987 ◽  
Vol 23 (3) ◽  
pp. 239-244 ◽  
Author(s):  
James M. Walker ◽  
Vernon L. Smith ◽  
James C. Cox
Keyword(s):  
Bidding Behavior ◽  
Sealed Bid ◽  
Sealed Bid Auctions

Adversarial Risk Analysis for Auctions Using Mirror Equilibrium and Bayes Nash Equilibrium

2021 ◽  
Author(s):  
Muhammad Ejaz ◽  
Stephen Joe ◽  
Chaitanya Joshi
Keyword(s):  
Nash Equilibrium ◽  
Risk Analysis ◽  
Equilibrium Solution ◽  
Risk Averse ◽  
Prior Work ◽  
Reserve Price ◽  
Solution Concepts ◽  
Risk Seeking ◽  
Sealed Bid ◽  
Sealed Bid Auctions

In this paper, we use the adversarial risk analysis (ARA) methodology to model first-price sealed-bid auctions under quite realistic assumptions. We extend prior work to find ARA solutions for mirror equilibrium and Bayes Nash equilibrium solution concepts, not only for risk-neutral but also for risk-averse and risk-seeking bidders. We also consider bidders having different wealth and assume that the auctioned item has a reserve price.

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