Experience Weighted Attraction in the First Price Auction and Becker Degroot Marschak

Duncan James and Derrick Reagle
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Duncan James: Fordham University, Department of Economics
Derrick Reagle: Fordham University, Department of Economics

Fordham Economics Discussion Paper Series from Fordham University, Department of Economics

Abstract: In this paper we explore the performance of Experience Weighted Attraction (EWA) in two different auction institutions: First Price Sealed Bid, and Becker-DeGroot-Marschak. Our results suggest that learning has some promise as a possible explanation for previously documented cross- institutional choice anomalies usually attributed to risk aversion. Additionally, we present results on the likely econometric (ir)recoverability of EWA parameters in these institutions.

Keywords: Auctions; Risk Aversion; Learning; Experience Weighted Attractions (search for similar items in EconPapers)
Date: 2008
New Economics Papers: this item is included in nep-exp and nep-upt
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Persistent link: https://EconPapers.repec.org/RePEc:frd:wpaper:dp2008-04

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