scholarly journals Sequential auctions and price anomalies

2014 ◽  
Vol 59 (200) ◽  
pp. 7-42 ◽  
Author(s):  
Dejan Trifunovic
Keyword(s):  
Empirical Research ◽  
Theoretical Models ◽  
Sequential Auctions ◽  
English Auctions ◽  
Bidding Strategies ◽  
Empirical Results ◽  
Heterogeneous Objects ◽  
Increasing Trend ◽  
Private Values ◽  
Equilibrium Bidding

In sequential auctions objects are sold one by one in separate auctions. These sequential auctions might be organized as sequential first-price, second-price, or English auctions. We will derive equilibrium bidding strategies for these auctions. Theoretical models suggest that prices in sequential auctions with private values or with randomly assigned heterogeneous objects should have no trend. However, empirical research contradicts this result and prices exhibit a declining or increasing trend, which is called declining and increasing price anomaly. We will present a review of these empirical results, as well as different theoretical explanations for these anomalies.

The Spite Motive and Equilibrium Behavior in Auctions

2003 ◽  
Vol 2 (1) ◽  
Author(s):  
John Morgan ◽  
Ken Steiglitz ◽  
George Reis
Keyword(s):  
Laboratory Experiments ◽  
English Auctions ◽  
Revenue Equivalence ◽  
Equilibrium Behavior ◽  
Private Values ◽  
Equilibrium Bidding ◽  
Second Price Auctions ◽  
Independent Private Values ◽  
Better Than

Abstract We study auctions where bidders have independent private values but attach a disutility to the surplus of rivals, and derive symmetric equilibria for first-price, second-price, English, and Dutch auctions. We find that equilibrium bidding is more aggressive than standard predictions. Indeed, in second-price auctions it is optimal to bid above one's valuation; that is, bidding "frenzies" can arise in equilibrium. Further, revenue equivalence between second-price and first-price auctions breaks down, with second-price outperforming first-price. We also find that strategic equivalence between second-price and English auctions no longer holds, although they remain revenue equivalent. We conclude that spiteful bidding rationalizes anomalies observed in laboratory experiments across the four auction forms better than the leading alternatives.

The Effects of Employment Protection legislationon Personnel Policies: A Review of Theoretical Modelsand Empirical results

2014 ◽  
pp. 126-140
Author(s):  
O. Mironenko
Keyword(s):  
Personnel Selection ◽  
Selection Criteria ◽  
Theoretical Models ◽  
Employment Protection ◽  
Empirical Results ◽  
Protection Legislation ◽  
Labour Contracts ◽  
Hiring And Firing ◽  
The Impact ◽  
Personnel Policies

Employers incur costs while fulfilling the requirements of employment protection legislation. The article contains a review of the core theoretical models and empirical results concerning the impact of these costs on firms’ practices in hiring, firing, training and remuneration. Overall, if wages are flexible or enforcement is weak, employment protection does not significantly influence employers’ behavior. Otherwise, stringent employment protection results in the reduction of hiring and firing rates, changes in personnel selection criteria, types of labour contracts and dismissal procedures, and, in some cases, it may lead to the growth of wages and firms’ investments to human capital.

Determining bidding strategies in sequential auctions: Quasi-linear utility and budget constraints

2007 ◽  
Vol 38 (8) ◽  
pp. 72-83 ◽  
Author(s):  
Hiromitsu Hattori ◽  
Makoto Yokoo ◽  
Yuko Sakurai ◽  
Toramatsu Shintani
Keyword(s):  
Sequential Auctions ◽  
Budget Constraints ◽  
Bidding Strategies ◽  
Linear Utility

scholarly journals Projection of Private Values in Auctions

2021 ◽  
Vol 111 (10) ◽  
pp. 3256-3298
Author(s):  
Tristan Gagnon-Bartsch ◽  
Marco Pagnozzi ◽  
Antonio Rosato
Keyword(s):  
Allocative Efficiency ◽  
Reserve Price ◽  
English Auctions ◽  
Common Value ◽  
Private Values ◽  
Optimal Reserve ◽  
Intensity Of Competition

We explore how taste projection—the tendency to overestimate how similar others’ tastes are to one’s own—affects bidding in auctions. In first-price auctions with private values, taste projection leads bidders to exaggerate the intensity of competition and, consequently, to overbid—irrespective of whether values are independent, affiliated, or (a)symmetric. Moreover, the optimal reserve price is lower than the rational benchmark, and decreasing in the extent of projection and the number of bidders. With an uncertain common-value component, projecting bidders draw distorted inferences about others’ information. This misinference is stronger in second-price and English auctions, reducing their allocative efficiency compared to first-price auctions. (JEL D11, D44, D82, D83)

Emotion Dysregulation and Childhood Trauma

2018 ◽  
pp. 263-282
Author(s):  
Patricia K. Kerig
Keyword(s):  
Emotion Regulation ◽  
Posttraumatic Stress ◽  
Empirical Research ◽  
Childhood Trauma ◽  
Emotion Dysregulation ◽  
Theoretical Models ◽  
Traumatic Experiences ◽  
Future Directions ◽  
Developmental Mechanism

This chapter describes theoretical models and empirical research devoted to understanding the aftermath of childhood trauma exposure and discusses the value of considering posttraumatic stress from an emotion dysregulation perspective. After describing definitional controversies in the field related to both trauma and posttraumatic stress, this chapter summarizes research on the effects of chronic, prolonged, and repeated traumatic experiences in childhood, such as maltreatment, with particular attention to its potential to compromise development of adaptive emotion regulation capacities. The role of emotion dysregulation in leading theoretical models of posttraumatic stress is presented, as well as empirical research testing the hypothesis that emotion dysregulation represents an underlying developmental mechanism through which childhood trauma affects functioning over the lifespan. Future directions include a need for clarification in conceptualization and measurement, further developmental processes to be considered, and opportunities for translational work to inform intervention efforts.

Auditing, Trust, and the Social Contract

2021 ◽  
pp. 112-131
Author(s):  
Bo Rothstein
Keyword(s):  
Empirical Research ◽  
Social Contract ◽  
Quality System ◽  
Representative Democracy ◽  
High Quality ◽  
Empirical Results ◽  
The Social ◽  
The Relationship

The relationship between trust and auditing can be described as a paradox. In the social contract that forms the basis of modern societies, extensive trust issues arise. How can citizens trust that what is promised in the contract will also be provided? Elections should work to put politicians who do not deliver according to the social contract to be voted out of their position. Empirical research shows that this often does not work, hence the need for an auditing body. Empirical results have shown that national auditing institutions work towards reducing corruption and other forms of malfeasance, and are thereby vital to creating a working social contract. A high-quality system for auditing also has a much stronger effect on reducing corruption than is the case for democracy. Auditing turns out to be an undervalued instrument that not only complements but in some ways proves even more effective than representative democracy.

scholarly journals How do clinical psychologists make ethical decisions? A systematic review of empirical research

2020 ◽  
Vol 15 (4) ◽  
pp. 213-224
Author(s):  
Becky Grace ◽  
Tony Wainwright ◽  
Wendy Solomons ◽  
Jenna Camden ◽  
Helen Ellis-Caird
Keyword(s):  
Systematic Review ◽  
Decision Making ◽  
Empirical Research ◽  
Clinical Psychology ◽  
Ethical Decision ◽  
Ethical Decision Making ◽  
Theoretical Models ◽  
Future Research ◽  
Original Research ◽  
Ethical Decisions

Given the nature of the discipline, it might be assumed that clinical psychology is an ethical profession, within which effective ethical decision-making is integral. How then, does this ethical decision-making occur? This paper describes a systematic review of empirical research addressing this question. The paucity of evidence related to this question meant that the scope was broadened to include other professions who deliver talking therapies. This review could support reflective practice about what may be taken into account when making ethical decisions and highlight areas for future research. Using academic search databases, original research articles were identified from peer-reviewed journals. Articles using qualitative ( n = 3), quantitative ( n = 8) and mixed methods ( n = 2) were included. Two theoretical models of aspects of ethical decision-making were identified. Areas of agreement and debate are described in relation to factors linked to the professional, which impacted ethical decision-making. Factors relating to ethical dilemmas, which impacted ethical decision-making, are discussed. Articles were appraised by two independent raters, using quality assessment criteria, which suggested areas of methodological strengths and weaknesses. Comparison and synthesis of results revealed that the research did not generally pertain to current clinical practice of talking therapies or the particular socio-political context of the UK healthcare system. There was limited research into ethical decision-making amongst specific professions, including clinical psychology. Generalisability was limited due to methodological issues, indicating avenues for future research.

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