Secret versus public reserve price in an 鈥渙utcry鈥?English procurement auction: Experimental results
详细信息 查看全文
- 作者：Karine Brisset
- 关键词：Experiment ; Procurement auction ; Public/secret reserve price ; Open oral outcry reverse auction
- 刊名：International Journal of Production Economics
- 出版年：2015
- 出版时间：November 2015
- 年：2015
- 卷：169
- 期：Complete
- 页码：285-298
- 全文大小：826 K
文摘
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- <p id="p0005">Experiments compare secret vs. public reserve prices in an English reverse auction.p>
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- <p id="p0010">Public reserve price dominates when the lowest cost bidder is weakly risk-averse.p>
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- <p id="p0015">In the secret policy, this bidder is more aggressive when he is more risk-averse.p>
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- <p id="p0020">However, he is less aggressive than predicted by theory.p>
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- <p id="p0025">Thus, the secret policy does not dominate when this bidder is strongly risk-averse.p>