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Failure of the Becker–DeGroot–Marschak mechanism in inexperienced subjects: New tests of the game form misconception hypothesis

Charles Bull, Pascal Courty (), Maurice Doyon and Daniel Rondeau

Journal of Economic Behavior & Organization, 2019, vol. 159, issue C, 235-253

Abstract: Cason and Plott (2014, hereafter CP) conclude that sub-optimal behavior in the (second price) Becker-DeGroot-Marschak mechanism (BDM) is consistent with the hypothesis that a significant proportion of subjects misconceive the BDM as a first price auction. We broadly replicate CP’s results, formalize a game form recognition theory for the analysis of treatment effects, and explore the robustness of CP’s conclusions across four treatments. We conclude that the pattern of misconception that explains the BDM data cannot simultaneously explain observed choices in closely related treatments.

Keywords: Experiment; Game form recognition; Game form misconception; Mistake; Becker–DeGroot–Marschak; Preference elicitation (search for similar items in EconPapers)
JEL-codes: C8 C9 (search for similar items in EconPapers)
Date: 2019
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Working Paper: Failure of the Becker-Degroot-Marschak Mechanism in Inexperienced Subjects: New Tests of the Game Form Misconception Hypothesis (2017) Downloads
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DOI: 10.1016/j.jebo.2019.01.003

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