Self serving reference points in k−double auctions

Husnain Fateh Ahmad

Bulletin of Economic Research, 2020, vol. 72, issue 1, 77-85

Abstract: We present a novel approach for modelling self serving bias by way of reference dependence. Bias is modelled as a systematic individual level deviation of the endogenous reference point from the expected price of a good in a two person k‐double auction. We find that bias decreases the efficiency of the model, and that efficiency is decreasing in both the level of bias and reference dependence.

Date: 2020
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