Racionalidad en Subastas. Evidencia experimental con cambios en el número de participantes

DELBIANCO, FERNANDO ANDRÉS; FIORITI, ANDRÉS

Mar del Plata

Congreso; Jornadas de la AAEP; 2011

In this paper experimental evidence was obtained about different assumptions of auction theory. Primarily we sought to test experimentally behavior shifts due to significant modifications of the number of participants in auctions and to measure risk aversion. We started with a theoretical model and then used data from an experiment conducted in Bahia Blanca in 2011. The main conclusion is that agents change their willingness to take risks when the conditions of the auction are modified (mainly the number of bidders) mitigating the impact of an increased competition, being this result one which had not been observed in previous studies.