A COMMENT ON CAN RELAXATION OF BELIEFS RATIONALIZE THE WINNER'S CURSE?: AN EXPERIMENTAL STUDY

• 成果类型: Article
• 署名作者: Costa-Gomes, Miguel A.; Shimoji, Makoto
• 署名单位: University of St Andrews; University of York - UK
• 刊物名称: ECONOMETRICA
• ISSN/ISSBN: 0012-9682
• DOI: 10.3982/ECTA11000
• 发表日期: 2015
• 页码: 375-383
• 关键词: equilibrium

摘要

Ivanov, Levin, and Niederle (2010) use a common-value second-price auction experiment to reject beliefs-based explanations for the winner's curse. ILN's conclusion, however, stems from the misuse of theoretical arguments. Beliefs-based models are even compatible with some observations from ILN's experiment.