A Comment on “Can Relaxation of Beliefs Rationalize the Winner's Curse?: An Experimental Study”

Miguel A. Costa‐Gomes and Makoto Shimoji
Authors registered in the RePEc Author Service: Miguel A. Costa-Gomes

Econometrica, 2015, vol. 83, 375-383

Abstract: 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.

Date: 2015
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